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Ct 248 2023-2025 Form
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People also ask
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What will the child tax credit be in 2024?
For 2024, the child tax credit is worth up to $2,000 per qualifying dependent child. The refundable portion, also known as the additional child tax credit, is worth up to $1,700.
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What is CT earned income tax credit?
The EITC helps some low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the federal taxes you owe. It may also increase your refund.
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What are the tax changes for 2024 in CT?
The changes enacted in 2024 will see a decrease in the two lowest rates: The 3% rate on the first $10,000 earned by single filers and the first $20,000 by joint filers will drop to 2%. The 5% rate on the next $40,000 earned by single filers and the next $80,000 by joint filers will drop to 4.5%.
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What is the income tax rate in CT 2024?
Connecticut's income tax has seven tax brackets. Starting with the 2024 tax year, the rates range from 2.00% to 6.99%. (A 2023 law decreased the bottom two rates from (1) 3% to 2% and (2) 5% to 4.5%.)
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What is the CT child tax credit for 2024?
ct proposed tax credit 2024 maps. Allocates $600 per child annually, for up to three children per filing family. Assumes a population of single-filing families making less than $100,000 per year, and joint-filers making less than $200,000 per year, eligible to receive the credit.
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Is CT getting a child tax credit in 2024?
In the 2024 tax year, the CTC will not be paid out in the form of payments. Instead, it's a tax benefit that can provide families with up to $2,000 in tax relief per qualifying child. If your tax is already $0, you could get up to $1,700 per qualifying child as a refund.
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What is the statute of limitations on income tax audit in CT?
Generally, the limitations period for an audit is three years in the case of Connecticut corporation business tax, personal income tax, and motor fuels tax.
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How much EITC will I get in 2024?
2024 Earned Income Tax Credit Number of childrenMax income: Single, head of household, or widowed filersMaximum earned income tax credit amount No children $18,591 $632 1 child $49,084 $4,213 2 children $55,768 $6,960 3 or more children $59,899 $7,830 Nov 9, 2024
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