$1,000 CTC Monthly Payment 2024: The West Virginia House of Delegates has advanced a bill that will allow for personal income tax credits for child care, which is a big legislative step. Following a resounding 88-3 vote in a special session, the legislation now moves on to the Senate for additional review. Under the proposed law, families would receive a personal income tax credit equal to half of the federal child care tax credit.
A family qualifying for a $1,000 CTC Monthly Payment 2024, for example, would also receive a $500 credit on their state income taxes. The law would go into effect retrospectively at the start of 2024 if it were adopted. On September 30, the first day of the extraordinary session, House Speaker Roger Hanshaw, a Republican from Clay, and Minority Leader Sean Hornbuckle, a Democrat from Campbell, submitted the bill.
Goals of the $1,000 CTC Monthly Payment 2024
- $1,000 CTC Monthly Payment 2024 program is timely for child care providers around the state many of whom are struggling financially.
- Approximately 700 child care spots have reportedly been lost this year as a result of closures brought on by erratic funding and a personnel deficit brought on by low pay.
- As of right now, the state has been paying centers through an enrollment-based subsidy program that is mandated by the federal government.
- It is projected that by year end, these short-term funds will run out, highlighting the urgent need for long-term solutions.
- Governor Jim Justice also just added a plan for a 5 Million Doller’s Investment to his special session agenda, with the goal of increasing child care services in West Virginia.
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$1,000 CTC Monthly Payment Eligibility
Taxpayers can claim the $1,000 CTC Monthly Payment 2024 when they file their yearly tax returns. Normally, there are seven “tests” you and your qualifying child need to pass: age, relationship, dependent status, residency, financial support, citizenship and income.
- Age: Your child should have been under the age of 17 at the end of the tax year.
- Relationship: The child you’re claiming must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister or a descendant of any of those people (e.g., a grandson, niece or nephew ).
- Dependent status: You must be able to proper claim the child as a dependent. The child also cannot file a joint tax return, unless they file it to claim a refund of withholding income taxes or estimated taxes paid.
- Residency: The child you are claiming must have lived with you for at least half the year (there are some exceptions to this rule).
- Financial support: You must have provided at least half of the child’s support during the last year. In other words, if your qualified child financially supported themselves for more than six months, they’re probably considered not qualified.
- Citizenship: Per the IRS, your child must be a “U.S. citizen, U.S. national or U.S. resident alien,” and must hold a valid Social Security number.
- Income: Parents or caretakers claiming the credit also typically cannot exceed certain income requirements. Depending upon how much your income exceeds that threshold, the credit gets incrementally reduced until it is eliminated.
Lawmakers handle issues and advocate for families
Del. Voting in favour of the bill, Democratic legislator Kayla Young of Kanawha expressed confidence about its possible effects. She said, “It is really hard for families to access child care as it is, and it is quite expensive.” Young stressed the importance of lowering costs and boosting accessibility to ensure that families can receive high-quality care while parents are at work. She saw this law as a positive move, even though she knew it would not completely solve the problem of center closures on its own.
- Young said, it takes a multi-pronged approach, but progress is being made. There is still much more to do, and we must support businesses, families and employers.
- Still, not every lawmaker supports the bill. Del. Elias Coop-Gonzalez, R-Randolph, was one of the three delegates who voted against it, voicing worries about potential injustices. He stated that -I am worried that this bill might favour one demographic over another.
- Coop-Gonzalez suggested looking into other options that would offer more extensive advantages, like increasing the standard deduction to giving parents more freedom in how they handle child care costs.
- The continued talks highlight the immediate requirements for the comprehensive measures to show the intricate issues affecting child care in West Virginia, even as the bill makes its way to the Senate.
Claim $1,000 CTC Monthly Payment 2024
Taxpayers can claim the $1,000 CTC Monthly Payment 2024 on the tax return they will file in 2025.
- If you still need to file your 2023 tax return that was due April 15, 2024 (or Oct. 15, 2024, with a tax extension), you can claim the $1,000 CTC Monthly Payment and the additional child tax credit on Form 1040 or 1040-SR.
- You’ll also need to fill out Schedule 8812 (“Credits for Qualifying Children and Other Dependents”), which is submitted with your 1040.
- This schedule will help you figure out your credit amount and how much of the partial refund you can claim if. applicable.
- Most quality tax software guides you through claiming the child tax credit with a series of interview questions, streamlining the process and even auto-filling the forms on your behalf.
- If your income falls below a certain threshold, you might also be able to get free tax software via IRS Free File.
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Fact Check
The IRS offers child tax credits to help parents and guardians offset some of the cost of raising a family. If you have a dependent who is not your direct child, you may also be eligible to claim a credit. And because some child tax credits are refundable, you maybe even make some money in the end. Remember that the information surrounding child tax credits can change every year. In turn, it’s important to keep up on the current laws every tax year so you know what to expect. Stay tuned with official portal to know each and every detail of $1,000 CTC Monthly Payment 2024.
