What You Need to Know About the Expanded $5,000 Child Tax Credit

The Expanded $5,000 Child Tax Credit offers significant financial relief for eligible families with children born in 2024. Here’s what you need to know:

✅ How It Works
Families with newborns in 2024 may qualify for a $5,000 tax credit per child.
The credit combines:
$3,600 from the Child Tax Credit (CTC).
$1,400 from the Recovery Rebate Credit (stimulus payment).

✅ Who Qualifies?
Parents of children born in 2024.
Must meet income thresholds:
Single Filers: Up to $75,000.
Head of Household: Up to $112,500.
Married Filing Jointly: Up to $150,000.

✅ How You Receive It
$3,600 may be claimed as part of your Child Tax Credit.
$1,400 could be issued as a Recovery Rebate Credit (stimulus payment) when you file your 2024 tax return.
This credit may increase your refund or reduce your tax liability.

✅ Why Is This Important?
This expanded credit provides a total of $5,000 per child, helping new parents manage expenses.
It can significantly boost your tax refund or reduce the taxes you owe.

💡 What Should You Do?
Gather birth records for your child born in 2024.
File your 2024 tax return to claim the credit.

Ensure you provide:
Social Security Number (SSN) for your child.
Proof of birth (if required).

De'More Tax Service LLC: demoretaxservice.com
E: [email protected]
IRS website: https://www.irs.gov

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