IRS Child Tax Credit 2024: Monthly Payments and How to Apply

Arnia
5 Min Read

The Internal Revenue Service (IRS) Child Tax Credit (CTC) is a federal program that helps families with children by providing financial assistance. This refundable tax credit can reduce your tax liability or offer a refund, easing the financial burden of raising kids. While it doesn’t guarantee complete financial security, it provides a helpful tax advantage for families dealing with rising child-related expenses.

What is the Child Tax Credit?

The Child Tax Credit (CTC) is a refundable tax credit for families who have filed their taxes in previous years. If the credit exceeds your tax liability, you receive the excess as a refund. This program is designed to offer financial stability for eligible families.

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Payment Details

Families who qualify for the CTC can expect payments on the 15th of each month. The payments vary depending on the child’s age: families with children under six receive $300 monthly, while those with children aged 6 to 17 receive $250 monthly. You can check the IRS CTC Monthly Payment Date for 2024 for specific dates.

Eligibility Requirements

To be eligible for the IRS CTC Monthly Payments in 2024, families must meet several criteria:

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  • Filed federal income tax returns for 2023 or 2024.
  • Have a dependent aged 6 to 17.
  • The dependent must be a foster child, stepchild, half-sibling, or legally recognized child.
  • Lived with the dependent for at least six months.
  • The applicant must have a Social Security Number (SSN).

Payment Dates

The IRS disburses payments on the 15th of each month. Eligible families can track their payments via the Child Tax Credit portal on the IRS website. For 2024, the payment schedule is as follows:

  • 15th June 2024 – Saturday
  • 15th July 2024 – Monday
  • 13th August 2024 – Tuesday
  • 15th September 2024 – Friday
  • 15th October 2024 – Tuesday
  • 15th November 2024 – Friday
  • 15th December 2024 – Sunday

How to Apply

Once families meet the eligibility criteria, they can apply for the IRS CTC benefits by following these steps:

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  1. Visit the IRS official portal at www.irs.gov.
  2. Sign in to your account or create a new one.
  3. Complete the account setup by providing necessary details.
  4. Verify your eligibility by submitting the required documents.
  5. Review and correct any mistakes on the application form.
  6. Submit the form and await approval.

Fact Check

There have been rumors about the IRS CTC Monthly Payment for 2024 providing $300 for children under six and $250 for those aged 6 to 17. This claim is based on the 2021 American Rescue Plan, which provided direct payments from July 2021 to December 2021. However, as of now, the IRS has not confirmed any such claims for 2024. Always refer to the official IRS website for the most accurate and updated information.

The IRS Child Tax Credit is a significant support system for families with children. While it provides substantial financial assistance, it’s crucial to stay informed about the latest updates and verify any claims through official channels. This ensures that you receive the correct benefits and understand your eligibility.

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1. What is the Child Tax Credit (CTC)?

The Child Tax Credit (CTC) is a federal program that provides financial assistance to families with children by offering a refundable tax credit.

2. How much can families receive monthly?

Families with children under six receive $300 monthly, while those with children aged 6 to 17 receive $250 monthly.

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3. Who is eligible for the CTC payments?

Families who have filed federal income tax returns for 2023 or 2024, have a dependent aged 6 to 17, and meet other criteria listed above.

4. When are the CTC payments made?

The payments are made on the 15th of each month. The exact dates for 2024 are listed in the article.

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5. How can families apply for the CTC?

Families can apply for the CTC by visiting the IRS official portal, creating or signing into their account, and following the steps provided to verify eligibility and submit the application.

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By Arnia
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A Certified Public Accountant specializing in personal finance and taxation. Arnia engaging writing style and deep understanding of tax codes make her articles a must-read for individuals seeking to maximize their tax savings.
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