The Child Tax Credit (CTC) is a crucial financial aid designed by the US Government to support households with the costs of raising children. Here’s the latest update on when you can expect to receive these payments and who qualifies for them.
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Starting Date
Beginning July 15, 2024, the CTC monthly payments will offer significant financial assistance to eligible families. For children under six, families will receive $300 per month, totaling $3,600 annually. For children aged six to seventeen, the monthly payment will be $250, totaling $3,000 annually.
The first payment is expected around mid-July, with the exact date likely being July 15. However, the date might vary slightly. This program allows qualifying families to reduce their federal income tax by a specific amount for each child under seventeen.
Monthly Payment Schedule
The CTC payments for 2024 will be distributed monthly, offering consistent support rather than a lump sum at tax time. Payments will be issued on the 15th of each month. If the 15th falls on a public holiday, the payment will be rescheduled to the next business day. The expected schedule is:
- July 15
- August 15
- September 15
- October 15
- November 15
- December 15
These payments help reduce income tax liability for individuals with children, a benefit that has been expanded multiple times since its implementation in 1997.
Eligibility Criteria
To qualify for the CTC, individuals must have a dependent child who meets specific criteria related to age, relationship, residency, and income:
- Age: The child must be under 17 at the end of the tax year.
- Relationship: The child must be a direct descendant, such as a niece, grandchild, stepchild, nephew, foster child, or sibling.
- Residency: The child must have lived with the taxpayer for more than half of the tax year.
- Income: Eligibility is based on income levels, with full benefits available to married couples earning up to $150,000, heads of families earning up to $112,500, and other taxpayers earning up to $75,000.
Families who filed a federal income tax return for 2023, signed up for the 2023 Economic Impact Payment Program, or used the IRS non-filer sign-up tool for the Advanced Child Tax Credit will automatically receive these payments. The IRS will primarily use 2023 tax return records to determine payment amounts; if unavailable, 2022 tax data will be considered.
Checking Payment Status
Recipients can track the payment status online via the IRS website or through the IRS2Go mobile application. To review the payment status, you’ll need:
- Social Security Number or ITIN
- Filing Status
- Exact Payment Amount
The IRS typically issues payments within 21 days of receiving the tax return. Paper return filers might experience delays due to processing times. If you haven’t received your payment after 21 days, it could be due to errors or the need for additional review by the IRS. In such cases, the portal might not show immediate results, so patience is necessary.
Additional Information
Eligible families can track their payments and update their information through the Child Tax Credit Update Portal. To claim the credit, the dependent child must have a valid social security number and have resided with the taxpayer for more than half of the tax year in the US. The $300 monthly CTC payment is part of a broader economic support plan, providing steady financial assistance to families.
If you do not receive the expected payment, verify your eligibility and ensure your information is up-to-date on the IRS portal.
FAQs
When will CTC payments start?
July 15, 2024.
How much will families receive per child?
$300 monthly for children under six, $250 monthly for children aged six to seventeen.
How often will payments be made?
Monthly, on the 15th.
How can I check my payment status?
Through the IRS website or IRS2Go mobile app.
What are the income limits for full benefits?
Married couples: $150,000, heads of families: $112,500, other taxpayers: $75,000.
