Starting July 15, 2024, the CTC Stimulus Monthly Payments 2024 plan will give families with kids under 6 years old $300 each month, adding up to $3600 a year. Families with kids aged 6 to 17 will get $250 each month, totaling $3000 a year. This is for all qualifying families.
CTC Stimulus Monthly Payments 2024:
The CTC Stimulus Monthly Payments for 2024 are a big help for families who qualify. Unlike before, the IRS will give these payments every month, not just as a tax refund.
The child tax credit (CTC) for 2024, a help from the government for taxpayers with kids, has been increased to $3,600 for each child under 6 and $3,000 for each child over 6. These payments will be made on the 15th of each month. Families can check their payment status and update their info on the Child Tax Credit Update Portal.
Each payment will be up to $300 per month for each child under 6 and up to $250 per month for each child between 6 to 17. The IRS will give advance CTC payments on these dates: July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15, and Dec. 15.
When will CTC Stimulus Monthly Payments begin in 2024?
The Child Tax Credit (CTC) Stimulus Monthly Payments for 2024 will start on July 15, 2024. Families who qualify will get these payments automatically if they’ve filed their taxes for the last year.
If you haven’t gotten payments but think you should, check the IRS rules and make sure you’ve done everything needed, like filing taxes or updating your info on the IRS site.
Remember, these payments are part of a bigger plan to help the economy, and when you get the payments might change based on how long it takes to process and your own situation.
But, the IRS plans to keep a regular schedule to give families steady financial help throughout the year.
Eligibility Criteria for CTC Stimulus Monthly Payments 2024:
To get the Child Tax Credit (CTC) Stimulus Monthly Payments in 2024, you need to meet these rules:
- You must have filed a tax return for 2019, 2020, or 2021. The IRS uses this info to see if you’re eligible and to figure out how much to give you.
- Full credit is for married couples who make up to $150,000, heads of households who make up to $112,500, and all other taxpayers who make up to $75,000.
- The credit is for kids under 17 at the end of the tax year. The kid needs a valid Social Security number and must be claimed as a dependent on your tax return.
- The kid must have lived with you for more than half of the tax year in the U.S.
- You must have provided at least half of the kid’s support during the last year.
- The kid must be a direct descendant of any of the taxpayers—like a grandchild, niece, nephew, or stepchild or their son, daughter, foster child, brother, sister, stepbrother, stepsister, or half-brother, half-sister.
Whom will Get IRS CTC Stimulus Monthly Payments in 2024?
Families who qualify will usually get monthly benefits if they:
- Filed a federal income tax return for 2019 or 2020.
- Signed up for the 2020 Economic Impact Payment program on the IRS website’s Non-Filers option.
- Used the IRS website’s new Non-filer Sign-up Tool to register for the Advance Child Tax Credit.
Doing any one of these tasks is enough to get advance money. The IRS will send you a letter with your tax benefit amount.
In most cases, the IRS uses your 2020 tax return to figure out your payment. If they can’t use your 2020 return because you didn’t file or it’s not processed yet, they’ll use your 2019 return instead.