Child Tax Credit 2024 - Can You File with Zero Income?
A common question regarding the Child Tax Credit (CTC) is whether you can claim the CTC if you have zero income during the tax year. In this video, we cover the rules and three examples that illustrate how much income, if any, you will need to claim the Child Tax Credit (CTC) or the Additional Child Tax Credit (ACTC). Chapters and TImestamps 0:00 Intro and Basics on CTC 1:25 Example 1 - No earned income or investment income 8:36 Example 2 - No earned income with large investment income 13:30 Example 3 - Low earned income & low investment income The Child Tax Credit (CTC) has some changes from the prior tax year. The credit itself is still $2,000 per child, but the ACTC amount increased from $1,500 to $1,600. There are also some pending legislative changes in House Bill 7024, which would be preferable to taxpayers if the bill is passed. Other Helpful Videos on the CTC CTC Updates 2024: • Child Tax Credit 2024 Updates - Wait to Fi... CTC Support Test: • Child Tax Credit - What is the Support Test? CTC IRS CP79A Notices: • Child Tax Credit Denied - IRS CP79A Notice Does my Child Need an SSN: • Child Tax Credit 2023 - Does My Child Need... Qualifying Child Standard: • Child Tax Credit 2023 - What is a Qualifyi... IRS Form 8862: • IRS Form 8862 - Disallowed Child Tax Credits? IRS Letter 6419 and the CTC: • IRS Letter 6419 and the Child Tax Credit (... Does the CTC change welfare benefits?: • Child Tax Credit - Impact on Unemployment ... For more videos on CTC and Form 1040 filings, see our playlist: • Child Tax Credits (CTC) For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #ChildTaxCredit #Form8812 #ChildTaxCredit2024
