There has been a New Tax Return Update July 2024 For EITC & CTC which states that the maximum amount of the refund which the beneficiaries are eligible to get has been increased from $600 to $632 if you have no child. The Earned Income Tax Credit is the refundable tax credit which will help the low income beneficiaries by reducing the taxes and the beneficiaries will get the refund if their tax credit is more than the tax liability they have been owed. The EITC and CTC is available only to the low income beneficiaries who are unable to make their tax payment and one should check the EITC & CTC Eligibility 2024 to know if they could get the benefit amount. The post below will help you know the recent updates made to the Tax Return of EITC & CTC.
New Tax Return Update July 2024
The Government of the United States has been providing the financial benefits to its residents who are facing issues due to lack of resources and finances and the citizens living below the poverty line are much in need of the finances. The Earned Income Tax Credit of the Child Tax Credit is one such benefit which is being released to the citizens. It is the benefit which has to be paid back and is given to the beneficiaries who have low to moderate income. The tax credit aims to reduce the amount of the taxes which have been owed and this will be provided if the income of the beneficiary is less than the given limits. To get the benefit, the individuals need to have got the earnings during the year and EITC has been provided since the COVID era.
The benefit which the individuals will be dependent upon is the tax filing status and the number of dependents the individual is having. The refund will be given to the beneficiaries with a maximum of 3 children and for the year 2023, the income limits have been $11000 as decided by the IRS. The ones who qualify for the EITC will be able to get the benefits of CTC. The amount of the tax refund has been increased from the year 2023 and the beneficiaries will be able to get an increased benefit now. There is no compulsion to have a child to get the benefits but the fact is the more children you have, the higher will be the tax credit to you. The tax refund will be provided to you if you are eligible and have income below the certain limits.
IRS EITC CTC Tax Refund 2024
The citizens of the USA will be given a higher amount of Tax Refund if they have made the payment for the Tax Return and they have income less than the limits. The New Tax Return Update July 2024 is in the news and the people have been thinking as to what it is. The benefit of the tax refund will be given only to the eligible ones.
| Article Name | New Tax Return Update July 2024 For EITC & CTC |
| Organization | Internal Revenue Services |
| Country | USA |
| Benefit | Earned Income Tax Credit Child Tax Credit |
| Given To | Ones who have paid taxes |
| Amount | $632 for no dependent |
| Mode of payment | Direct deposit or paper checks |
| Eligibility | Ones who have paid the taxes |
| Post Type | Finance |
| Website | irs.gov |
EITC/CTC Tax Credit 2024
- The EITC/CTC is the income help which is given to the low and moderate income beneficiaries who are in need of funds.
- The EITC Payment will be provided till the time the income level of the beneficiaries is below the given limits.
- To claim the benefits, the beneficiaries with no dependent shall be of age 19 years or above and shall be living in the USA for more than half of the tax year.
- The tax credit amount will be paid to the beneficiaries either through direct deposit or through cash and the payment of direct deposit will be given within 11 days.
- The benefit amount will be increased if you have more dependents as compared to no dependent and the maximum benefit will be for 3 dependents only.
What Is The EITC & CTC Eligibility 2024?
- The beneficiary shall have worked and have earned enough income to get the benefits.
- The income which has been earned shall be $11000 in 2023.
- The individual shall be a resident of United States
- The beneficiary shall have a valid Social Security number.
- The individual shall have at least $1 of the earned income.
- The age limit shall be 25 to 65 years.
Payment Amount Of EITC/CTC 2024
| Dependents | Tax Credit | Single or Household Heads | Couples |
| 0 | $632 | $18591 | $25511 |
| 1 | $4213 | $49084 | $56004 |
| 2 | $6960 | $55768 | $62688 |
| 3 | $7830 | $59899 | $66819 |
How To Qualify For EITC 2024?
- The investment income shall be $11600 or less in 2024
- The individual shall have a Foreign Earned Income.
- The individual shall be 25 to 65 years old.
- You can still qualify for the payment if you are not living together but are still married.
FAQs On New Tax Return Update July 2024
The EITC and the CTC tax credit is the benefit which is given to the citizens who are facing financial issues.
The minimum amount if EITC/CTC for the year 2024 is $632 for the individual with no dependents.
The individual will get the benefit of EITC/CTC Credit 2024 through direct deposit or paper check.
John Wick is a Media and Finance editor, passionate about writing and editing content related to finance and taxes. He has achieved dual degree in Mass Media and Finance From one of the top universities in the World. He is keen to learn new things and changes which take place in the world of Finance and stocks.