As of now, the Child Tax Credit (CTC) is still one of the best ways for millions of American families having children to get extra money.
This piece talks about the most recent changes to CTC payments, such as new increases, dates for direct payments, and requirements for eligibility.
Latest Child Tax Credit Payment Updates
It is the government’s job to help low-income families with kids by giving them the Child Tax Credit. For 2024, the program will still provide a lot of help, with the amount of help depending on the child’s age.
For each child under six years old, families can get up to $3,600. For each kid between the ages of 6 and 17, families can get up to $3,000. This rise is because of the American Rescue Plan Act, which gives families more money to meet their wants.
Increase
The Tax Relief for US Families and Workers Act of 2024 was passed by the House Ways and Means Committee on January 19, 2024. This could make the current CTC higher. At the moment, the CTC is $2,000 per child, with $1,600 being refunded.
The amount of this credit that you can get back will go up: to $1800 in 2023, $1900 in 2024, and $2000 in 2025.
As part of the American Rescue Plan, President Joe Biden also stated that families could get $300 a month through the CTC.
This program makes sure that all qualified households, especially the weakest ones, get the same amount of help every time.
Payment Dates
The CTC is a tax credit that can be refunded and is meant to lower a person’s tax bill. Every month, on the 15th, payments are made. Due dates for 2024 are August 15, September 15, October 15, November 15, and December 15. These times may change, though.
People who want to file a claim must use Form 1040 with Schedule 8812 and meet certain standards for children. Documents that are needed must be sent in for proof. After being checked out, the applicant will get proof from the government.
Eligibility
To qualify for the CTC, applicants must meet several IRS requirements:
- Age: The child must be under 18, meaning the claimant cannot be older than 17.
- Income: Families with incomes over $400,000 (married) or $200,000 (single) are not eligible.
- Earnings Contribution: Claimants must contribute more than half of their earnings.
- Residency and SSN: Applicants must have a valid Social Security number and have lived in the U.S. for more than half a year.
- Joint Returns: Joint returns with a spouse are not permitted.
These criteria ensure that the CTC reaches those who need it most, providing substantial support to eligible families.
Also See:- $2,200 Flat Checks in 2024 By SSA
Summary
In 2024, the American government will continue to improve the Child Tax Credit, which will help needy families with money on a regular basis. The IRS has an online CTC tool that can be used to get a rough idea of how much of a credit someone might be eligible for.
People who can’t get the CTC can get refunds through the Additional Child Tax Credit (ACTC).
People who want to get the CTC must have at least $2500 in earned income from work or self-employment. If you go to the IRS website, you can find regular updates on payment times and other information.
Stay up to date on what’s going on and use the Child Tax Credit to get cash help.
FAQs
What kinds of people can get the Child Tax Credit?
Low-income families with children under 18 years old.
When do you get paid by the CTC?
From August to December 2024, on the 15th of every month.
How much is the new CTC?
Up to $3600 for each child younger than 6 years old and up to $3000 for each child 6 to 17 years old.
How do I get the CTC?
You must meet certain requirements and file Form 1040 with Schedule 8812.
What if I don’t get the CTC stuff?
Get money back from the Additional Child Tax Credit (ACTC).