Refundable Tax Credit
A refundable tax credit is a credit you can get as a refund even if you don't owe any tax.
Tax credits are amounts you subtract from your bottom-line tax due when you file your tax return. Most tax credits can reduce your tax only until it reaches $0. Refundable credits go beyond that to give you any remaining credit as a refund.
That's why it's best to file taxes even if you don't have to. Many people who qualify for refundable credits miss out on refunds because they don't file.
See if you qualify for these refundable tax credits.
That's why it's best to file taxes even if you don't have to. Many people who qualify for refundable credits miss out on refunds because they don't file.
See if you qualify for these refundable tax credits.
Child Tax Credit
If you have a child, you may be eligible for the Child Tax Credit. For 2024/2025, the credit is up to $5,000 per qualifying child. To qualify, a child must:
Have a Social Security number
Be under age 17 at the end of 2024
Be claimed as a dependent on your tax return
A portion of the Child Tax Credit is refundable for 2024/2025. This portion is called the Additional Child Tax Credit (ACTC). For 2024, up to $3,600 per child may be refundable.
Have a Social Security number
Be under age 17 at the end of 2024
Be claimed as a dependent on your tax return
A portion of the Child Tax Credit is refundable for 2024/2025. This portion is called the Additional Child Tax Credit (ACTC). For 2024, up to $3,600 per child may be refundable.
