If your child meets the requirements, then in 15 states, you are eligible for the child tax credit. As inflation and cost of living is rising with passing time, receiving some extra cash will be a good boost. Even if you are eligible for Child Tax Credit still certain states are providing additional help on your tax return in 2024. In reality these states send more money. The list of states sending this extra money are Arizona, Idaho, Colorado, California, Minnesota, Maryland, Massachusetts, New York, Oklahoma, New Jersey, New Mexico, Utah, Vermont and Oregon as per sources. We have included everything regarding $200 Child Tax Credit 2024 eligibility and payment date here.
$1200 Child Tax Credit Checks 2024
You may be among those families who are eligible to receive Child Tax Credit Checks 2024. As per the reports of some state lawmakers, around 300,000 people in Minnesota should be eligible for this benefit. They believe the average Child Tax Credit Check amount should be $1200. Many states in United States have Child Tax Credit benefit along with federal benefits. Child Tax benefit is a monthly amount given to a qualified family, who have children each of the age under 17.
$4,873 Social Security New payment
The amount of your Child Tax Credit Check payment will be based on your family’s income and the age of your child/children. If your child is below the age of six then maximum monthly payment is $350. For children coming between the age of six and seventeen, the amount was $250 for the tax year 2023. Half of the amount was paid to the families in installments from July 2023 to December of 2023. The remaining half will be given when these families will submit their tax return for that year.
$1200 Child Tax Credit Checks Details
| Name of the Benefit | $1200 Child Tax Credit Checks 2024 |
| Amount | $1200 |
| Running in how many states | Fifteen |
| Payment date | June 2024 |
| Category | Finance |
| Country of Origin | USA |
Who is Eligible For $1200 Child Tax Credit ?
- Your Child must be under the age of seventeen and lives under your care and support.
- The child needs to be a US citizen or a resident immigrant.
- Your modified adjusted gross income needs to be $200,00 or less if you are a single parent. In case you file your taxes with your spouse, your modified adjusted gross income should be $400,000 or less.
- Your kid needs to be in ownership of a current Social Security Number.
- You can be in following relationship with your child: parent-child, step father, step mother, half-brother, half-sister, sibling, grand child or foster child.
- Being a dependant, it is mandatory that your child lives with you in your house for more than half of the year.
- Your child’s financial aid for you should be at least half or less during the year of tax filing.
Payment Amount For Child Tax Credit Checks
The maximum amount for each qualifying child is $1750 and you can include all your children if they are qualified. A Working Family Credit (WFC) is also available to families that earn money. it is equivalent to 4% of the first $8750 earned. This amounts to $350 per family.
Many households will receive many extra payments from the new Child Tax Credit and Working Family Credits. You are entitled to WFC under the prior legislation. This payment will depend on your family income, size and the amount of WFC you are entitled to. There is an unexpected increase per child for families with regards to new CTC and WFC. For single filer or head of household it is $29,500 and for joint filers it is $35,000.
| Family having 1 child | $833 to maximum (1750) |
| Family having 2 child | $703 to maximum |
| Family having 3 child | $922 to maximum |
| Family having 4 child | $1129 to maximum |
States Sending Child Tax Credit Checks 2024
- California – If you are earning less than $25,000 you can receive $1000 for your child who is below six years.
- Oregon – If your family is making less than $30,000 and you have a child under the age of five then you can receive $1000.
- Oklahoma – You can receive 5% of CTC if you earn less than $100,000.
- New Mexico – You will receive a check ranging from $25 to $600 per qualifying child. This will depend on your income.
- Idaho – Families can receive $205 for each eligible child under the age of 16. The CTC is non-refundable.
- New Jersey – If you are earning $30,000 or less you receive refundable $500 tax credit. If you earn up to $80,000 you get $300.
How to Claim Child Tax Credit on your taxes?
Complete IRS form 2441 along with your individual federal tax return to claim this payment. The form asks for information like – cost acquired for your treatment in a year. They can calculate your savings as a percentage of your Annual Gross Income. Most of the families will receive 20% savings.
Your ability to deduct child care expenses is restricted and depends on the number of children you have. If you have one child you can spend $3000, for two children or more it is $6000. If you have one child you can save $600 and if you have two or more children, you can save $1200.
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Julie Kanary is an accomplished author and financial analyst with a keen interest in social security, tax, and finance-related topics. With a wealth of experience in the field, Julie has established herself as a reputable voice in the domain of economic policy and financial literacy.Drawing upon her extensive background in economics and finance, Liam contributes regularly & offering insightful perspectives and analysis on a wide range of topics.