Child Tax Credit 2024 - Claiming the Other Dependent Credit (ODC) and the CTC

Описание: The Child Tax Credit (CTC) for 2023 is $2,000 per qualifying child who is under 17 years old at the end of the year. For parents with children who are 17 and older, you won't be able to claim the larger $2,000 credit, but the child may still be eligible for the $500 other dependent credit.

In this example, we look at a married couple with 3 qualifying children. One child is under 17 and eligible for the $2,000 credit, while the other two children are each eligible for the $500 credit.

The Child Tax Credit (CTC) has some changes from the prior tax year. The credit itself is still $2,000 per child, but the ACTC amount increased from $1,500 to $1,600. There are also some pending legislative changes in House Bill 7024, which would be preferable to taxpayers if the bill is passed.

Other Helpful Videos on the CTC
CTC Updates 2024:    • Child Tax Credit 2024 Updates - Wait to Fi...  
CTC Support Test:    • Child Tax Credit - What is the Support Test?  
CTC IRS CP79A Notices:    • Child Tax Credit Denied - IRS CP79A Notice  
Does my Child Need an SSN:    • Child Tax Credit 2023 - Does My Child Need...  
Qualifying Child Standard:    • Child Tax Credit 2023 - What is a Qualifyi...  
IRS Form 8862:    • IRS Form 8862 - Disallowed Child Tax Credits?  
IRS Letter 6419 and the CTC:    • IRS Letter 6419 and the Child Tax Credit (...  
Does the CTC change welfare benefits?:    • Child Tax Credit - Impact on Unemployment ...  

For more videos on CTC and Form 1040 filings, see our playlist:
   • Child Tax Credits (CTC)  

For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

#Form8812 #ChildTaxCredit #Form1040