Child Tax Credit 2024 Quiz

What is the maximum amount the Child Tax Credit can reduce your tax bill per qualifying child in 2024?

• $2,500

• $2,000

• $1,500

• $3,000

Which of the following is NOT a requirement for a child to qualify for the Child Tax Credit?

• The child must be under 17 at the end of the tax year.

• The child must live with you for more than half the year.

• The child must be a US citizen, national, or resident alien.

• The child must file a joint tax return.

Which form is used to claim the Child Tax Credit on your tax return?

• Form 1040

• Form 1099

• Form W-2

• Form 8862

What is the minimum earned income required to claim the Additional Child Tax Credit?

• $2,500

• $2,000

• $1,500

• $3,000

When can the IRS release refunds for returns claiming the Additional Child Tax Credit?

• By the end of January

• By the end of March

• Immediately after filing

• Mid-February

What is the proposed increase in the refundable amount of the Child Tax Credit for 2024 if the Tax Relief for American Families and Workers Act passes?

• $1,800

• $2,100

• $1,900

• $2,000

What penalty might you face if the IRS determines your Child Tax Credit claim was erroneous?

• 25% of the credit amount

• 20% of the credit amount

• 15% of the credit amount

• 10% of the credit amount

Which states offer their own versions of the Child Tax Credit?

• Nevada, Arizona, and Utah

• California, Colorado, and New York

• Texas, Florida, and Ohio

• Georgia, Alabama, and Mississippi

What is the amount of the Credit for Other Dependents?

• $600

• $300

• $400

• $500

What is the main difference between the Child Tax Credit and the Child and Dependent Care Credit?

• The Child and Dependent Care Credit helps offset costs for working parents or caretakers.

• The Child Tax Credit is for working parents only.

• The Child and Dependent Care Credit is for people with children only.

• The Child Tax Credit helps offset costs for daycare.