February 20 2024- As of the second week of tax season, the IRS has received over 25 million returns. Early tax filers anticipating a refund are encouraged to submit their documents early to expedite the refund process. However, for those claiming the child tax credit, rushing may not be advisable as the Senate is considering expanding the credit. The child tax credit, both the current and proposed versions, is partially refundable, allowing for a refund even if no tax is owed. The remainder is nonrefundable, applicable only against owed taxes. The article delves into the eligibility requirements for the child tax credit in 2024.
Child Tax Credit 2024: Why You Shouldn’t Wait to File Your Tax Return This Year
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