There are many new changes for this tax year!

Here are a few big ones:

• The due date of the return is April 15, 2025.
• Additional child tax credit (ACTC) amount increased. The maximum ACTC amount has increased to $1,700 for each qualifying child.
• IRA contribution limit increased. Beginning in 2024, the IRA contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older).
• 2024 is the last year to file Form 5405. The 15-year repayment period for the first-time homebuyer credit for homes purchased in 2008 began with your 2010 tax return and ends with your 2024 tax return.
• Delayed refund for returns claiming the ACTC. The IRS cannot issue refunds before mid-February 2025 for returns that properly claim the ACTC. This time frame applies to the entire refund, not just the portion associated with the ACTC.