Be careful with your Child Tax Credit return! Negative actions are being taken against those who make mistakes on their Child Tax Credit. Americans can benefit from a lot of help to make their lives a bit easier, but there are many paperwork processes you need to pay attention to when filling or sending them. From now on, you won’t need to worry about it because here you have all the answers so that the IRS allows your benefits with no trouble.
Helping you with your children
The American government offers many programs to American citizens who could obtain economic aid. There are many types of family aids like Earned Income Tax Credit (EITC) for working people who earn little money, Supplemental Nutritional Assistance Program (SNAP) providing help to buy food with food stamps or Medicaid giving a free health insurance or a cheaper one. But let’s talk about the one called Child Tax Credit (CTC). If you have children or you know someone who has it, this is interesting for you!
The CTC helps families with children or allows them to pay less taxes so that children can have a decent life. Many families depend on this aid to raise their children and pay for their food, clothes and education among many other things.
How much money and when would I receive it?
This 2025 you could apply for an aid up to $2,000 per child under 17. However, you will be banned from being eligible for this economic aid if you are in debt with the Treasury, but don’t worry because you have another option called Additional Child Tax Credit (ACTC). This benefit will help you with a refundable part of up to $1,700 per minor.
If everything goes as planned, you can declare your taxes from January, but if you apply for the ACTC refunds are held back until the middle of February. This is done to check all documents are in order and they can do frauds.
Different families, different credits
As it happens with every benefit, not every person receives the same amount of money since everybody goes through different situations. So, the same happens with the CTC.
Your income mustn’t be over $200,000 for single filers and not exceed $400,000 for joint filers. Not only you have to match the requirement, but also your child: the child must be 17 years old by the end of the tax year and he or she must have lived with you for 6 months. You cannot apply for this benefit for just living with a minor in your house, but this one must be economically supplied by you. The last requirement for your child is to not have filed a tax return and claimed a personal exemption.
Don’t make any mistakes!
Making sure you fill your tax returns properly is crucial because if you don’t do so, there will be consequences… you will experience delays on your money, the IRS will look over your tax declaration which may result in more delays, and the most important thing…. You will lose the benefit! To avoid these negative consequences, pay attention to what you are reading, ask for professional help and, in case of making mistakes, correct the errors on time.
It is important to be updated on what the government offers and the different benefits, now you are more informed on some help your family could have access to. Children need to grow up in a healthy environment, so these aids are used to protect that right and let them learn and be fed among many other things. Spread the word to the ones who have children!