Child Tax Credit 2024 Quiz

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

• $3,000

• $2,000

• $2,500

• $1,500

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 have a valid social security number.

• The child must file a joint tax return.

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

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

• Form 8862

• Form W-2

• Form 1099

• Form 1040

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

• $1,500

• $2,000

• $3,000

• $2,500

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

• Mid-February

• Early April

• Early January

• Late March

What is the proposed increase in the refundable amount of the Child Tax Credit for 2024 if the new legislation passes?

• $2,000

• $1,900

• $1,800

• $1,700

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

• 10% of the credit amount

• 20% of the credit amount

• 25% of the credit amount

• 15% of the credit amount

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

• Nevada, Arizona, and Utah

• Texas, Florida, and Ohio

• Georgia, Alabama, and Mississippi

• California, Colorado, and New York

What is the amount of the credit for other dependents (ODC)?

• $300

• $400

• $500

• $600

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

• The Child Tax Credit is for working parents only.

• The Child and Dependent Care Credit is only for children under 5.

• The Child Tax Credit is for people with children, while the Child and Dependent Care Credit helps offset costs for caretakers.

• The Child and Dependent Care Credit is refundable.