February 15 2024- The article discusses the possible expansion of the child tax credit for the upcoming tax season. If approved by Congress, the expansion would likely be retroactive to 2023. The aim is to provide more financial assistance to families who currently receive a partial credit or none at all due to low incomes and an existing formula that works against them. While the proposal does not involve a return to the advance monthly payments seen during the pandemic, it seeks to address the needs of families requiring more support through the child tax credit.
Proposed child tax credit changes might create confusion on 2023 returns
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