The Internal Revenue Service (IRS) is going to make an update in the Child Tax Credit (CTC). In 2024, the IRS will issue a direct deposit of $300 as a part of the CTC program. The main aim of the Internal Revenue Service is to financially help people raising their children. It will help them cover their necessary requirements and to financially cope up with the inflation.
It is an enhanced scheme of Child Tax Credit (CTC) program. Its aim is to provide better financial assistance to the families.
The motive of this is to reduce child poverty and financially help people in giving their children a better and healthy life. From the total annual CTC, $300 is basically a monthly advance payment.
Highlights of $300 CTC Payment in September 2024
| Article Name | $300 CTC Payment in September 2024 |
| Country Name | United States of America |
| Age limit | 6 to 17 years old |
| Expected amount | $300 |
| Category | Finance |
| Payment mode | Direct deposit (online) |
| Year | 2024 |
| Eligible citizens | Families with children |
IRS $300 CTC Payment In September 2024
In 2021, the Child Tax Credit program went through various changes. Through the American Rescue Plan, advanced monthly payments were made and increment was done in the credit amounts.
Families with children under the age 6, received $3,600 per child. Families with children with the age group of 6-17 years received $3,000. The program also provided monthly installments, to help families provide a better control on their financial situations. Although, there is still no final update about $300 CTC.
Payment dates of $300 direct deposit CTC in 2024
It is expected that the payment will be made in the middle or the end of the month. It is important to keep an eye on the official statement made by the Internal Revenue Service. As the IRS has not yet provided any confirmation about the final dates.
Expected dates
- 15th August 2024
- 15th September 2024
- 15th October 2024
- 15th November 2024
- 15th December 2024
Eligibility Criteria
- Children must be under the age of 17 years. Must be a citizen of the United States of America. Nationals and residents of the country are also eligible.
- Income necessity : 1) $150,000 or less – married couple filing jointly.
2) $ 112,500 or less – Head of Households.
3) $75,000 or less – Single filers.
- Individuals applying for the CTC program must have filed their 2023 tax return.
- If there is a birth of a new child or change in the family income. Every information must be updated on the online portal of IRS to qualify eligibility.
- Children must have lived with their family for more than a year in 2024.
How to claim the payment?
If you have provided a direct deposit to the IRS, then you will be receiving the payment directly in your bank account. Otherwise, you will receive a check via email. So, it’s important to keep your bank details and email address updated, to avoid any delay.
Verified Facts
- The payment dates are expected to start from July 2024.
- The maximum income has been raised to $150,000 for a couple filing jointly and $112,500 for single filers.
- An Increase of $300 per child is made in Child Tax Credit (CTC) 2024.
- Increased amounts are – $2,300 for the children under the age of 6. $2,000 for the children that come under the age group of 6 to 17.
| Home Page | https://www.easthamptonchamber.com/ |
FAQs of IRS $300 CTC Payment in September 2024
The IRS will release the final dates of payment. But, it is expected that the payment will be made in the middle or end of the month.
A child should be less than 17 years.
Yes, the payment will be made monthly.
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