IRS Reveals How Quickly You Can Receive The Child Tax Credit Upon Approval

By Thea Felicity

Mar 03, 2024 08:43 AM EST

(Photo : Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
People walk past the Internal Revenue Service building in Washington, DC, in February 2, 2024.

As the 2024 tax season nears its conclusion, the Senate is deliberating a bill aimed at providing additional financial support to low-income families with children.

The legislation, known as the Tax Relief for American Families and Workers Act of 2024, can potentially increase the financial resources available to all American families, according to VCPost.

Now, the question is, how long until it's approved?

Currently, the bill has already cleared the House. If approved, it will amplify the child tax credit by elevating the maximum refundable amount per child over the next three years.

How Quickly Can Families Receive The Child Tax Credit?

The timeline for receiving the additional child tax credit money hinges on the passage of legislation and subsequent implementation by the IRS.

During testimony before the House Ways and Means Committee on Feb. 15, IRS Commissioner Werfel assured that the agency is closely monitoring the progress of the child tax credit expansion through Congress.

Werfel assures that if the bill receives approval, the IRS stands ready to swiftly implement the expanded child tax credit, as reported by CNET.

Since the tax season concludes on Apr. 15, approximately seven weeks from now, taxpayers are advised not to delay filing their returns in anticipation of the legislation's passage.

Besides that, the IRS also pledges to automatically adjust credit guidelines for individuals who have already filed their taxes, alleviating the need for additional steps from eligible taxpayers.

Should the bill pass, the new rules surrounding the child tax credit would span the tax years 2023, 2024, and 2025. Notably, the maximum refundable amount per child would rise incrementally, reaching $2,000 by the tax year 2025.

At the moment, the fate of the expanded child tax credit hangs in the balance as Senate approval remains uncertain with six weeks remaining in the tax season.

Senate Majority Leader Chuck Schumer has voiced support for the bill, echoing President Joe Biden's commitment to advocating for the full expanded Child Tax Credit.

People