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Through the Child Tax Credit (CTC), the IRS (Internal Revenue Service) announced the granting of a one-time financial support of $1,700 dollars to eligible families to contribute to the economic well-being of their households. 

According to the institution itself, through its official site, this support not only aims to provide relief on the 2024 tax burden of taxpayers, but also intends to promote child development and family stability. 

To obtain this resource, families must meet the necessary requirements as well as complete Form 1040.

Midjourney

Requirements to receive the $1,700 dollar support

According to the IRS, families seeking this benefit must meet the following rules or requirements: 

  • Age: the child or dependent must not exceed 17 years of age at the close of the fiscal year. 

  • Family relationship: the dependent can have a diverse family relationship such as son or daughter, stepson or stepdaughter, foster child, brother or sister, stepbrother or stepsister, half-brother or half-sister, as well as be a direct descendant like grandson or granddaughter, or nephew or niece. 

  • Financial support: the dependent must not have provided more than half of his own support to qualify. 

  • Tax return: the dependent must be correctly claimed in the taxpayer's tax return. 

  • Residence: the dependent must have lived with the taxpayer for more than half of the year. 

  • Immigration status: the dependent must have US nationality, be a national or foreign resident in the United States. 

The monetary benefit will be refunded once the requirements are met and Form 1040 is submitted. 

What is the Child Tax Credit and how does it work? 

The CTC is a program focused on easing the tax burden for families with children under 17 years old. Currently, and gaining more relevance after the outbreak of the Covid-19 pandemic in 2020, the CTC provides financial support to over 45 million people. 

This benefit, of $1,700 dollars, is granted per child in 2025 to eligible families, so households with more qualified dependents could receive higher amounts. 

It is worth noting that the CTC can be requested once the 2024 tax return is filed.