The Child Tax Credits (CTC) was introduced by the US government to provide financial assistance to the low income families of America for upbringing of their children and for other additional requirements.
The CTC support will be determined by the age of the child, offering significant benefits to families, especially those who have young children.
The Child Tax Credit assists low-income households in the management of the upbringing cost of their children. There is a regular disbursement of CTC to vulnerable households
It ensures that the regular disbursement of payment is within the provided timeline to the entitled individuals. The CTC is a refundable tax credit.
To avail of the CTC payments, there are certain eligibility criteria that an individual have to meet. Some of these are as follows: – Age Requirement – At the end of the tax year, the age of a dependent child must be under 17 years.
– Annual Income – The annual income of the households should not be more than the set threshold income of the government. – Residency – The taxpayer and the child must live together for more than half the tax year in the USA.
In addition, the dependent child should have a valid SSN to avail of the potential benefit. The individuals must note that the criteria might be adjusted as per the circumstances. Thus, always stay updated on the official website of the government.
The claiming process of the CTC is briefly described here: – The individuals must fill out the application 1040 and attach Schedule 8812 CTC with it. – Enclose the supporting documents with the form for further verification.
– Submit the tax return either by e-filing or by paper copy. – Review the application and verify it to avoid any errors during the payment. The individuals will be notified of the application approval, and payment will be disbursed to the entitled one.
Month Payment Dates October 2024 15 October 2024 November 2024 15 November 2024 December 2024 15 November 2024
The 7 Most Amazing Hiking Trails In The U.S