The Additional Child Tax Credit is a refundable tax credit for which US taxpayers may qualify. For tax year 2024, up to $1,700 of child tax credit will be refundable for each eligible child. To claim a child tax credit refund, filers must complete IRS Form 8812.
IRS Child Tax Credit Refund
If an individual owes less than $2,000 in taxes, they do not get the unused portion of the credit back, also known as a refund. The additional child tax credit allows individuals to receive up to $1,700 of the $2,000 CTC for each child as a refund for the 2024 tax year.
The exact refund amount will depend on various factors such as individual residence, income, application status and total number of eligible children. It is expected that the process of submitting an application for a refund of the child tax credit will begin in January 2025.
To receive the benefit amount, individuals must file their annual tax return Form 1040 with Schedule 8812 (Credits for Qualified Children and Other Dependents) before the filing deadline, which is usually April 15.
Who is entitled to a tax refund from the tax administration for children?
There are some eligibility requirements for the IRS Child Tax Credit refund listed below that an individual must meet in order to receive the benefit amount.
- The child must have a valid social security number.
- The child must be less than 17 years old at the end of the year
- The child must be your son, daughter, stepchild, half-sister, EliMra possible adopted child, brother, sister, half-brother, half-sister, half-brother or descendant of one of them (for example, a grandchild, niece or nephew).
- The child should not contribute more than half of his financial support during the tax year.
- The child must live with you for more than six months.
- The child must be reported as a dependent child on your tax return.
- A child may not file a joint return with his or her spouse for the current or previous tax year or file it only for a refund of withholding tax or estimated tax paid.
- The child must be a permanent resident of the United States, a citizen of the United States, or a resident alien in the United States.
- To qualify for a refund of a portion of the child tax credit, an individual’s annual income must be below $200,000, or $400,000 if filing jointly.
How can I claim a tax refund for a child?
Interested individuals can easily claim an IRS Child Tax Credit refund by following the steps below.
- Go to the website.
- Find the US income tax return (Form 1040) and then click on it.
- Enter all required information on Form 1040 such as personal information, financial information, and details about your child(ren) and other dependents.
- After that, find Schedule 8812 (Qualifying creditsMr Children and other dependents) and guess what.
- Correctly complete Schedule 8812 (Credits for Qualifying Children and Other Dependents) and then attach it to your Form 1040 to easily claim your child tax credit refund from the IRS.
- Attach all necessary documents.
- After that, enter all the necessary details on how to receive your refund such as your bank or financial institution name, address, bank account holder name, bank account number, postal address, etc.
- After verifying all the information entered, send your Form 1040 with Schedule 8812 to the IRS before the tax return deadline (with an extension).
- After filing, the IRS will review your forms and if you qualify for an IRS Child Tax Credit refund, the IRS will issue your refund amount no later than mid-February.
When and how will you receive a tax refund from the IRS for children?
The IRS Child Tax Credit refund for the 2024 tax year will be provided to United States households who meet the eligibility requirements and file their Schedule 8812 tax return before the April 15, 2025 filing deadline.
If the individual enters valid, accurate and completed information on Schedule 8812 and Form 1040 then the IRS will initiate the review process. Once the refund has been processed, the IRS will issue you a refund which will also include the Child Tax Credit refund.
The IRS will give you a Child Tax Credit refund via the refund method you chose when you filed. Available methods of receiving refunds are via direct or bank deposit and paper checks.
How to check the status of the IRS refund for the child tax credit?
The following are the steps to check the status of a child’s IRS refund.
- Go to the wheres-my-refund website.
- Find the refund check button and then press it.
- A new website is open in front of you.
- Enter all required information such as Tax SSN.
- Select the year of filing the tax return and the status of the return from the available options.
- Enter the correct refund amount when returning in the required sessions.
- Press the submit button to see the status of your child’s IRS refund.
