A law called the Tax Relief for American Families and Workers Act was passed in the U.S. House with lots of support.
By Pradeep
February 28, 2024
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The law is now waiting for the Senate to decide if it will pass too.
The IRS boss, Danny Werfel, promised to get tax credits ready quickly if the law is approved.
Werfel said the IRS could start the work 6 to 12 weeks after the law passes, depending on the details.
People don't need to wait for this law to file their taxes. If they've already filed, they'll still get any extra money without extra work.
Families don't need to fill out more forms to get a bigger Child Tax Credit.
The law could make the Child Tax Credit larger, giving families more money back.
The credit amount could go up to $2,000 per child by 2025.
The IRS is watching what happens with the law, unsure if it will be approved by the tax deadline.
The tax deadline for this year is Monday, April 15, 2024.
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