A new report reveals that nearly one third of children might lose access to the Child Tax Credit. Check if your family is affected?
What is Child Tax Credit (CTC)? Explained.
CTC is a federal tax benefit offered by the regime, helping families with the rising cost of raising children, providing $2000 per child under 14 until 2024.
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Major CTC Changes in 2025
The CTC is set to increase from $2000 to $2200 starting in the 2025 tax year under new legislation. It will be helping many American families.
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Who Might Miss Out? Is it You?
According to researcher Megan A. Curran, 19.3 million children could miss out on the full $2200 credit. It will be due to stricter income requirements.
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New Income Thresholds are coming!
Families must now earn at least $41,500 for two children to get the full $2200, up from $36,000 needed to receive the current $2000 credit.
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Major Impact on Low Income Families!
Many low-income parents may see no benefit. It will be risking their children losing healthcare and food assistance while also missing out on CTC benefits.
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What You Can Do? Know here!
Stay informed and keep a check on your family’s eligibility. Also, ensure you maximize the Child Tax Credit benefits during these changes.
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