$3,600 Child Tax Credit 2024 Update: Everything You Need to Know

The $3,600 Child Tax Credit (CTC) is a financial support program provided by the US government to help families with children. This initiative aims to ease the financial burden on low-income households, especially during times of economic hardship like the Covid-19 pandemic. This article will give you the latest updates, eligibility criteria, payout dates, and how to claim the $3,600 CTC.

$3,600 Child Tax Credit Overview

The $3,600 CTC was introduced to help families cope with the financial impact of inflation and the pandemic. In 2021, this expanded CTC offered $3,600 for families with a dependent child under six years old and $3,000 for those with a child between 6 and 17 years old.

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To get the maximum tax credits, a household’s adjusted gross income should be:

• $75,000 for single households
• $150,000 for married households
• $112,500 for heads of households

Latest News on $3,600 Child Tax Credit

The $3,600 CTC was part of the Covid-19 aid package, providing annual support to eligible families. In 2022, the CTC returned to its pre-pandemic rate as the expansion was not extended. However, if the CTC expansion is approved again, it could be partially refundable.

For tax year 2023, the maximum refundable amount per child increased from $1,600 to $1,800. It is expected to increase to $1,900 in 2024 and $2,000 in 2025.

Eligibility for the $3,600 Child Tax Credit

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To qualify for the $3,600 CTC, the following criteria must be met:

• Each dependent child must be 17 years old or younger.
• The child must be related to the claimant (e.g., daughter, son, step-child, nephew, niece, grandchild).
• The child must have lived with the claimant for more than six months (three months in exceptional cases).
• The claimant must be a US resident with a valid Social Security Number.
• The household’s gross income must not exceed specific limits ($200,000 for single households, $400,000 for married families).

Payout Dates for the $3,600 Child Tax Credit

The American Rescue Plan temporarily increased the CTC in 2021, with payments sent on the 15th of each month from July to December. The remaining credit was paid when families filed their tax returns.

For 2024, the official payout dates are yet to be announced. Based on previous years, it’s expected that payments might be made on the 15th of each month: August 15, September 15, October 15, November 15, and December 15, 2024.

How to Claim the $3,600 Child Tax Credit

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To claim the $3,600 CTC, follow these steps:

1. Check Eligibility: Ensure you meet all the eligibility criteria.
2. Apply Online: Visit the IRS website to fill out the application form and attach the necessary documents for verification.
3. Submit the Application: Double-check all details and submit your application.
4. Await Confirmation: The IRS will notify you about the acknowledgment or denial of your application.

Tax return payments are typically issued within 21 days. However, if you file a paper return, expect delays. Any errors can also delay the payment, and you may need to contact the IRS for assistance.

All We Know

The $3,600 CTC is a crucial support program for families facing financial difficulties. To stay updated on eligibility and payout dates, regularly visit the IRS official website.