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The Internal Revenue Service (IRS) offers a tax benefit that can represent a refund of up to US$1,700 for each eligible child for certain taxpayers who file their federal tax return correctly. The amount is related to the Additional Child Tax Credit (ACTC) and must be claimed through the corresponding return.
The figure of US$1,700 does not represent a universal payment, nor does it mean that all people who complete Form 1040 will automatically receive that money. It is the maximum limit of the refundable portion of the credit for each child who meets the conditions established by the tax agency.
IRS: who can access the refund of up to US$1,700
The Additional Child Tax Credit allows certain taxpayers to receive a refundable portion of the child tax credit. For tax years 2024 and later, the IRS sets a maximum of US$1,700 per qualifying child.
The amount each taxpayer can ultimately receive depends on various factors in their tax return. For this reason, not all people who file Form 1040 will necessarily receive US$1,700.
The benefit is aimed at those who have one or more children who meet the requirements established by tax rules and can claim the corresponding credit on their return.
Form 1040: What the taxpayer must do
To request the benefit, the taxpayer must file their federal return using Form 1040 and complete the sections corresponding to tax credits.
The ACTC calculation is made taking into account the information included in the return and the taxpayer’s specific conditions. Among other aspects, the IRS establishes requirements related to qualifying children, their Social Security numbers, and earned income.
The agency also notes that the additional credit may be subject to certain limitations. Therefore, completing the form does not by itself guarantee payment of the maximum amount.
Will the IRS deposit US$1,700 directly into the bank account?
When a person meets the requirements to obtain a tax refund, the money can be sent by direct deposit if the taxpayer provides the corresponding banking information on their return.
However, it is important to distinguish between the maximum ACTC amount and the final refund on a return. One person could receive less than US$1,700, while another could be entitled to a different amount depending on their tax situation.
In addition, the US$1,700 limit is set per eligible child, so a family that qualifies for more than one child may have a different calculation.
The benefit is not a universal IRS check
The information about the refund must be interpreted within the U.S. tax credit system. The IRS did not announce a general deposit of US$1,700 for all people who file Form 1040.
The figure corresponds to the maximum refundable amount of the Additional Child Tax Credit per eligible child for tax years 2024 and later.
For that reason, before expecting a certain deposit, each taxpayer should review their tax situation, verify that their children meet the corresponding conditions and calculate the credit they can claim on their return.