The Internal Revenue Service initiated a federal program for reducing the tax burden on the families of dependent children. Child Tax Credit financially supported millions of people in the USA, in raising their dependent children. It provides a reduction in the tax credit or a tax refund. Although, it does not give surety completely, but provides tax benefits to families in giving their children a healthy and secure life.
In 2024, the Child Tax Credit is going to be distributed monthly in advance. It has enabled the families who are eligible to have persistent progress in the financial benefit. CTC is dependent on the age of the child you get from the Internal Revenue Service.
Children who are under 6, are eligible to get $300 each month, which sums up to $3,600 yearly. $250 is given to people with children aged 6 to 17 years, which adds up to $3,000 yearly.
Highlights of IRS CTC Monthly Payments In September 2024
| Article Name | IRS CTC Monthly Payments |
| Country | United States of America |
| Age limit | 6-17 years |
| Category | Finance |
| Governing Body | Government of USA |
| Official Website | https://www.irs.gov/ |
Payment Schedule of Child Tax Credit
The payments are set to take place on the 15th of every month. However, the Internal Revenue Service has yet to announce the final dates of payment for the year 2024.
Please see the chart below for the estimated schedule, predicated on the previous year:-
| Days | Dates of 2024 |
| Saturday | 15th June 2024 |
| Monday | 15th July 2024 |
| Tuesday | 13th August 2024 |
| Friday | 15th September 2024 |
| Tuesday | 15th October 2024 |
| Friday | 15th November 2024 |
| Sunday | 15th December 2024 |
To receive the updated information, please visit the official website of the IRS (Internal Revenue Service).
Eligibility Criteria
- It is mandatory to file a tax return for 2023 so that the Internal Revenue Service can verify your income details and other relevant information.
- At the end of 2024, the child must be under 18.
- The filer and the child should be a resident of the USA and acquire a valid SSN (Social Security Number).
- A Child must live with their family for at least half of the tax year.
- The child must be financially dependent on the filer.
- Income Limits :
- $150,000 is the income limit for the married couple filing jointly.
- $112,500 is the income limit for the head of household.
- $75,000 is the income limit for single filers and other taxpayers.
How to collect the payment?
To receive the IRS Child Tax Credit payment in 2024, file the tax return for the year 2023. Other than this, there are no additional steps to take. The Internal Revenue Service provides direct deposit to ensure secure and complete payment. So, to collect the payment keep your bank details up to date on your tax return. It’s advisable to double-check the bank information on the tax return, to avoid any delay in payment.
FAQs of Child Tax Credit 2024
What is IRS CTC?
The Internal Revenue Service initiated Child Tax Credit to provide financial support to the people of America. It helps in raising their child and providing a healthy and secure life. It helps people lower their tax bills and may provide a refund.
What is the income limit for the CTC payments in 2024?
Below are the income limits for the CTC payments in 2024:
- $150,000 is the income limit of the married couple filing jointly.
- $112,500 is the income limit for the head of household.
- $75,000 is the income limit for single filers and other taxpayers.
What is the age limit to pass the Child Tax Credit payment?
To qualify for the CTC payments, a child must be under 17 years old.
Which criteria are most important to receive the CTC payment?
The most important is the age criteria to qualify for the CTC payments.
| Home Page | https://www.easthamptonchamber.com/ |
- Children who are under 6, will receive $300 per month which adds up to $3,600 yearly.
- Children who belong to the age group of 6 to 17, will receive $250 monthly. It adds up to $3,000 yearly.
What are the payment dates in 2024?
The final dates will be released by the Internal Revenue Service. However, the estimated payment dates are scheduled in the middle of each month.
Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal