By Alon Bidden
Published on:
The Child Tax Credit (CTC) provides significant financial support to families with dependent children, offering a refundable tax credit that reduces your tax bill and potentially results in a refund.
However, the CTC has undergone changes in recent years. For 2024, the program has reverted to its traditional form, meaning no advance monthly payments are available.
Here’s what you need to know about checking your CTC status and understanding your refund payment.
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The Child Tax Credit helps reduce your overall tax liability and can result in a refund if the credit exceeds your tax bill. For the 2023 tax year, the maximum CTC amount is $2,000 per qualifying child under 17. Additionally, there’s an extra credit of up to $1,600 for qualifying children aged 17 and 18.
Since the advance monthly payments implemented in 2021 were temporary, the CTC has returned to its traditional form. This means you will claim the credit when you file your tax return rather than receiving monthly payments throughout the year.
| Child’s Age | Maximum CTC Amount |
|---|---|
| Under 17 | $2,000 |
| 17 and 18 | $1,600 |
With the reversion to the traditional CTC program, there are no more monthly payments for recipients. Instead, you will receive your CTC as part of your overall tax refund when you file your 2023 tax return. The timing of your refund depends on when you file and any potential IRS processing delays.
Although there are no separate monthly CTC payments to check for 2024, you can still track your overall tax refund status, which will include your CTC, using the IRS “Where’s My Refund?” tool. This tool requires you to enter your Social Security number, filing status, and exact refund amount. It will then provide an estimated timeframe for receiving your refund.
Your CTC refund might be delayed due to various reasons, including:
| Reason | Description |
|---|---|
| Incomplete/Incorrect Return | Ensure all details are accurate and complete. |
| Processing Delays | Be patient as the IRS handles backlogs. |
| Identity Verification | Additional documentation might be required. |
| Tax Offset | Debts may be deducted from your refund. |
If you believe there’s an error in the CTC amount on your tax return, you have options:
The CTC program no longer provides monthly advance payments, but you can still claim the credit when filing your tax return.
Staying informed and ensuring your tax return is accurate can help you receive the correct refund amount.
Always use the IRS tools and guidelines to track and manage your tax-related queries effectively.
Use the IRS “Where’s My Refund?” tool to track your overall tax refund status, including the CTC.
No, the CTC has reverted to its traditional form without monthly advance payments.
The maximum amount is $2,000 per qualifying child under 17 and an additional $1,600 for children aged 17 and 18.
Ensure your tax return is accurate, check for processing delays, verify your identity if required, and consider any tax offsets.
Review IRS guidelines, file an amended return using Form 1040X, or contact the IRS for assistance.
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An up-and-coming tax attorney passionate about educating readers on tax planning and mitigation strategies. Amit's articles offer practical advice and actionable tips to help individuals and businesses navigate the intricacies of tax law with confidence
