IRS Tax Credit Schedule 2024 – US Tax Refund Dates & Eligibility Check

USA Tax Credit 2024 permits taxpayers to deduct a particular amount straight from the taxes they beholden to the government. Unlike tax deductions that lower taxable income, tax credits minimize tax liability for every dollar. They can be refundable or non-refundable. If a refundable credit is greater than the tax owed, the taxpayer might get the surplus as a refund. However, tax credits can only reduce taxes owed to zero; any extra credit beyond this cannot be refunded. Tax credits can be applied for various purposes, such as for childcare expenses, education costs, energy-efficient home improvements, or as incentives for certain behaviors or investments. They are designed to incentivize taxpayers to take specific actions or to help offset the cost of certain expenses. Check the complete details regarding the IRS Tax Credit Schedule 2024 here in this post.

IRS Tax Credit Schedule 2024

The IRS Tax Credit Schedule 2024 is an essential roadmap for American taxpayers, providing critical information on when and how to claim various tax credits. These credits are designed to alleviate the tax burden and support specific groups, including families, low-income earners, and students. Understanding the intricacies of these schedules and eligibility criteria is paramount for taxpayers looking to maximize their refunds and ensure financial stability. The website for this is https://www.irs.gov/. 

IRS Tax Credit Schedule 2024

irs.gov IRS Tax Credit Schedule 2024

TopicIRS Tax Credit Schedule 2024
year2024
Last date for filing tax return15th october, 2024
Benefitted to American taxpayers
CategoryFinance
Websitehttps://www.irs.gov/

For the 2024 tax year, the primary deadline for filing tax returns is April 15. However, taxpayers who miss this deadline have until October 15, 2024, to file their returns under the extended deadline. This extension provides additional time for those who may need it, ensuring that eligible individuals do not miss out on valuable tax credits.

USA Tax Credit Eligibility 2024

Below is a detailed overview of the major tax credits, their schedules, amounts, and eligibility requirements.

IRS Child Tax Credit 2024

Payment Dates – Payments are made on the 15th of each month from June to December 2024.

Payment Amount – the applicant may get up to $2,000 per selected child who is less than 17 years of age.

Eligibility

  • The child must not be greater than 17 years old at the last of the financial year.
  • The child must possess an original Social Security number.
  • The child should be considered as a dependent on the applicant who is paying tax return.
  • The taxpayer’s income must not be more specific thresholds: $200,000 for single filers and $400,000 for those who are married couples and filing jointly.

Earned Income Tax Credit Benefit 2024

Payment Dates – Refunds are issued after the IRS processes the tax returns. Most refunds are provided within twenty-one days if filed digitally and without any errors.

Payment Amount – Varies by income and number of qualifying children: – 

  •  No children: Up to $600
  •  One child: Up to $3,995
  •  Two children: Up to $6,604
  •  Three or more children: Up to $7,430

Eligibility

  1. Must have earned income from employment or self-employment.
  2. Must meet income thresholds:
  • For taxpayers without children, the income threshold is less than $17,640 ($24,210 if married filing jointly). For those with one child, the threshold is less than $46,560 ($53,120 if married filing jointly). For two children, it’s not more than $52,918 ($59,478 if the applicant is married and both spouses filing jointly), and for 3 or more than 3 children, less than $56,838 ($63,398 if the customer is married and filing jointly). Additionally, taxpayers must have investment income of $10,000 or less for the year to qualify.

American Opportunity Tax Credit Benefit 2024

Payment Dates – Claimed when filing the annual tax return, typically processed within 21 days if filed electronically.

Payment Amount – Up to $2,500 per eligible student, with up to 40% ($1,000) being refundable.

Eligibility

  • The student must apply minimum half-time in a program which will lead to a degree or other well- esteemed educational login credential.
  • The benefits are relevant for the first 4 years of post-secondary education.
  • Modified gross income must be below $90,000 for filers only ($180,000 for all the married couples who filed jointly).

IRS Lifetime Learning Credit (LLC) 2024

Payment Dates – Claimed when filing the annual tax return, typically processed within 21 days if filed electronically.

The payment amount can reach up to $2,000 per tax return, which is calculated as 20% of the first $10,000 of qualified education expenses. 

To be eligible:

  • The benefit applies to all years of post-secondary education and to courses aimed at acquiring or enhancing job skills.
  • The student should have applied in an eligible educational institution.
  • Modified gross income must be not grater than $69,000 for filers only ($138,000 for all the married couples who filed jointly).

Child and Dependent Care Credit 2024

Payment Dates – Claimed when filing the annual tax return, typically processed within 21 days if filed electronically.

The payment amount can be up to 35% of qualifying expenses, with a maximum of $3,000 for one shortlisted single and up to $6,000 for 2 or more than 2 shortlisted candidates.

To qualify

  • Expenses should be made for the care of a shortlisted singles, such as children less than 13 years of age, a spouse, or a dependent who is physically or mentally not able to care for themselves, permitting the taxpayer to work or seek job opportunity.
  • Both spouses must have earned income, except when one spouse is engaged in a full-time student or is not able for self-care.

FAQs Regarding IRS Tax Credit Schedule 2024

When will be the last date of filing tax returns for the taxpayers?

The last date has been extended to 15th October, 2024. 

What is the American Opportunity Tax Credit Payment Amount 2024?

American Opportunity Tax Credit Payment Amount 2024 is Up to $2,500 per all shortlisted students.

Leave a Comment