The Child Tax Credit (CTC) is an important government program that helps families pay for the costs of having children. Here’s the most up-to-date information on when you can expect to get these payments and who is eligible for them.
Starting Date
Starting July 15, 2024, the CTC monthly payments will help qualified families a lot with money. Families with kids younger than six will get $300 a month, for a total of $3,600 a year. Children from six to seventeen years old will pay $250 a month, or $3,000 a year.
The first payment is due around the middle of July, most likely on July 15. The date may be a little different, though. Families that qualify can lower their federal income tax by a certain amount for each child under the age of 17.
Plan for Making Monthly Payments
In 2024, the CTC payouts will be made every month, instead of all at once at tax time. This will provide consistent support. Every month on the 15th, payments will be sent out. When is the payment due? If the 15th is a holiday, it will be due on the next business day. The planned program is:
- July 15
- August 15
- September 15
- October 15
- November 15
- December 15
These payments help people with children pay less in income taxes. This benefit has been added to many times since it was first introduced in 1997.
Eligibility Criteria
- 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.
These payments will be sent automatically to families who filed a federal income tax return for 2023, joined the 2023 Economic Impact Payment Program, or used the IRS non-filer sign-up tool for the Advanced Child Tax Credit. When figuring out payment amounts, the IRS will mostly look at tax return records from 2023. If those aren’t available, tax data from 2022 will be used instead.
Checking the Status of Payment
People who have been paid can check on the status of their payment on the IRS website or through the IRS2Go mobile tool. To check on the payment, you’ll need:
- Social Security Number or ITIN
- Filing Status
- Exact Payment Amount
When the IRS gets a tax return, they usually send payments within 21 days. People who file paper returns might have to wait because of handling times. If you haven’t gotten your payment after 21 days, it could be because of a mistake or because the IRS needs to look over it again. In this case, the site might not show results right away, so you’ll need to be patient.
Must Read: Direct Deposit Eligibility Requirements for 2024 Payments
Some extra information
Through the Child Tax Credit Update Portal, eligible families can keep track of their payments and change their details. The child must have a legal social security number and have lived with the taxpayer in the US for more than half of the tax year to get the credit. The $300 monthly CTC payment is part of a larger plan to help families’ finances by giving them steady money.
If you don’t get the payment you were supposed to get, check the IRS site to make sure you are eligible and that your information is correct.
FAQs
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.