Utah families can get $1,000 for kids under 4 in 2024 with child tax credit.
Utah Families to Receive $1,000 for Children Starting January 2024
The state of Utah has taken a significant step to support families by enacting its first child tax credit in March. Beginning in January 2024, Utah families will be eligible to receive $1,000 for each of their children.
Utah is among the three states that have introduced new Child Tax Credits in 2023. Unlike refundable tax credits, Utah offers a nonrefundable CTC, allowing taxpayers to reduce their tax liability to zero but not below zero.
Eligibility and Income Limits
To qualify for the child tax credit, families in Utah must meet certain income criteria. For those filing under “married filing separately” status, the income limit is $27,000 or less. Single filers must earn $43,000 or less, while those filing jointly as married must earn $54,000 or less.
Expanding Support with Earned Income Tax Credit
In addition to the child tax credit, Utah residents can also benefit from the Earned Income Tax Credit (EITC). Governor Spencer Cox expanded this program on March 22 as part of a broader tax cut bill. The EITC, which is also nonrefundable, has been increased from 15% to 20% of the federal credit rate.
It’s important to note that Utah currently does not offer a child and dependent care tax credit. However, some states, such as Minnesota, provide both the Child Tax Credit and the Child and Dependent Care Tax Credit (CDCTC).
Overall, these initiatives aim to provide much-needed financial support to Utah families, ensuring a brighter future for their children.
What are the income limits for families to qualify for the child tax credit in Utah?
Utah Families to Receive $1,000 for Children Starting January 2024
The state of Utah has taken a significant step to support families by enacting its first child tax credit in March. Beginning in January 2024, Utah families will be eligible to receive $1,000 for each of their children.
Utah is among the three states that have introduced new Child Tax Credits in 2023. Unlike refundable tax credits, Utah offers a nonrefundable CTC, allowing taxpayers to reduce their tax liability to zero but not below zero.
Eligibility and Income Limits
To qualify for the child tax credit, families in Utah must meet certain income criteria. For those filing under “married filing separately” status, the income limit is $27,000 or less. Single filers must earn $43,000 or less, while those filing jointly as married must earn $54,000 or less.
Expanding Support with Earned Income Tax Credit
In addition to the child tax credit, Utah residents can also benefit from the Earned Income Tax Credit (EITC). Governor Spencer Cox expanded this program on March 22 as part of a broader tax cut bill. The EITC, which is also nonrefundable, has been increased from 15% to 20% of the federal credit rate.
It’s important to note that Utah currently does not offer a child and dependent care tax credit. However, some states, such as Minnesota, provide both the Child Tax Credit and the Child and Dependent Care Tax Credit (CDCTC).
Overall, these initiatives aim to provide much-needed financial support to Utah families, ensuring a brighter future for their children.
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