@tdwells911 ,
Great question!
The amounts for the child tax credit, both the refundable and non-refundable amount, do change from year to year.
As you may already know, the credits first help to reduce your tax liability, then another amount is used to help increase your refund.
Some people use the entire amount of their child tax credit to reduce their tax liability to close to zero.
That means that they may still owe taxes, or that their refund is a bit smaller than what they anticipated it to be.
A common misconception is that if the child tax credit is $2,000 per child, we would automatically receive a refund of at least $6,000 if we have three children.
Unfortunately, that is not exactly how the child tax credit works.
According to the IRS website:
For 2023, the credit is up to $2,000 per qualifying child. To qualify, a child must: Have a Social Security number. Be under age 17 at the end of 2023.
For 2024, the latest information states that the child tax credit (CTC) will remains at $2,000 per qualifying child. However, it looks like the refundable portion of the credit will increase to $1,700 per child. Currently, the refundable portion of the credit is $1600 per child.
There may be other requirements to receive any portion of the child tax credit, so I would suggest reviewing the IRS website for the latest information.
https://www.irs.gov/credits-deductions/individuals/child-tax-credit
When it is time to file your taxes, rest assured that we will be here to help!
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