Selling Stuff Online? Taxes for Etsy, eBay, LetGo, and More
Taxes for online sales isn't actually that hard-and some people may not even have to pay taxes at all.
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Start filingWhat is the Child Tax Credit?
The child tax credit is a $2,000 benefit for those with qualifying children. $1,700 of the credit is potentially refundable in 2024 and 2025. You can claim the Child Tax Credit for each qualifying child who has a Social Security Number that is valid for employment in the United States.
The Child Tax Credit helps families with qualifying children get a tax break. You may be able to claim the credit even if you don't normally file a tax return.
To be a qualifying child for the 2024 tax year, your dependent generally must:
- Be under 17 at the end of the tax year.
- Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew).
- Not provide more than half of his or her own support for the tax year.
- Have lived with you for more than half the tax year.
- Be claimed as a dependent on your return.
- Not file a joint return for the year (or filed the joint return only to claim a refund of taxes withheld or estimated taxes).
- Be a U.S. citizen, U.S. National or a U.S. resident alien.
- Must have a Social Security Number that is valid for employment and is issued before the due date of your tax return (including extensions).
If you are caring for other dependents that are not children, such as an elderly parent, you may be able to claim the Credit for Other Dependents.
Check out our page on Child Tax Credits to learn more.
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