Which statement regarding the child tax credit is not correct?

The statement regarding the child tax credit that is not correct is the one indicating a maximum credit of $1,000 per qualifying child for 2024. For tax year 2024, the maximum child tax credit is actually set at $2,000 per qualifying child. This amount has been established to provide substantial financial relief for families and is significantly higher than the figure mentioned in the incorrect statement.

In contrast, the other statements accurately reflect the provisions related to the child tax credit. The requirement that a qualifying child must be under the age of 17 aligns with IRS guidelines. The inclusion of stepchildren and eligible foster children as qualifying dependents is also correct, as the IRS allows these children to be counted toward the credit. Moreover, the phaseout income thresholds for married couples filing jointly starting at $400,000 is consistent with the tax law that establishes this phaseout range. Therefore, understanding the correct maximum credit amount and the rules associated with qualifying children is essential for correctly applying and benefiting from the child tax credit.