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Kalkine Media ASX Share Market News & Research

The Additional Child Tax Credit for 2023, 2024 Offers Relief for American Families

August 03, 2023 08:43 PM CEST | By EIN Presswire
The Additional Child Tax Credit for 2023, 2024 Offers Relief for American Families
Image source: EIN Presswire

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The Internal Revenue Service (IRS) has announced crucial updates concerning the Additional Child Tax Credit (ACTC) for 2023 and 2024.

TRAVERSE CITY, MI, US, August 3, 2023/EINPresswire.com/ -- The Internal Revenue Service (IRS) has announced crucial updates concerning the Additional Child Tax Credit (ACTC) for 2023 and 2024, bringing new opportunities for financial relief to many American households.

The ACTC serves as a valuable supplement to the Child Tax Credit (CTC), particularly for families who earn too little to receive the full benefits of the CTC.

These changes are an integral part of the government's commitment to support families facing financial challenges.

Here are the key highlights of the Additional Child Tax Credit (ACTC) for 2023 and 2024:

Fully Refundable: like the standard CTC, the ACTC is fully refundable. This means families can receive the credit even if they owe no income tax.

Income Threshold: The ACTC is designed to benefit low-income families. There's a minimum earning requirement to qualify, which will adjust each year for inflation.

Credit Amount: The ACTC allows families to claim a refundable credit up to the unused portion of their child tax credit. The specifics of the credit amount and phaseout levels are set to be released by the IRS.

The IRS is urging all eligible families to take full advantage of the ACTC. The IRS portal provides families with the tools to check their eligibility, phase out limits, and keep their information updated.

For more information on how the Additional Child Tax Credit can benefit your family in 2023-2024, visit https://nationaltaxreports.com/how-much-child-tax-credit/

Frank Ellis
Harbor Financial
+1 231-313-6079
email us here
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