$300 Child Tax Credit Start Date – Eligibility and Payment Schedule

The Child Tax Credit (CTC) is a financial aid program from the US Government to help families with the costs of raising children. Here’s the latest update on when you can expect these payments and who qualifies for them.

Starting Date

Beginning July 15, 2024, eligible families will start receiving monthly CTC payments. For children under six, families will get $300 per month, totaling $3,600 annually. For children aged six to seventeen, the monthly payment will be $250, totaling $3,000 annually.

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The first payment is expected around mid-July, likely on July 15. However, the date might vary slightly. This program helps families by reducing their federal income tax for each child under seventeen.

Monthly Payment Schedule

CTC payments for 2024 will be distributed monthly. Payments will be issued on the 15th of each month. If the 15th is a public holiday, the payment will be rescheduled to the next business day. The schedule is:

• July 15
• August 15
• September 15
• October 15
• November 15
• December 15

These monthly payments help reduce the income tax liability for families with children.

Eligibility Criteria

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To qualify for the CTC, you must have a dependent child who meets these 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

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The child must have lived with you for more than half of the tax year.

Income

Eligibility is based on income levels:

• Married couples: up to $150,000
• Heads of families: up to $112,500
• Other taxpayers: up to $75,000

Families who filed a federal income tax return for 2023, signed up for the 2023 Economic Impact Payment Program, or used the IRS non-filer sign-up tool for the Advanced Child Tax Credit will automatically receive these payments. The IRS will use 2023 tax return records to determine payment amounts; if unavailable, 2022 tax data will be considered.

Checking Payment Status

You can track the payment status online via the IRS website or through the IRS2Go mobile application. To review the payment status, you’ll need:

• Social Security Number or ITIN
• Filing Status
• Exact Payment Amount

The IRS typically issues payments within 21 days of receiving the tax return. Paper return filers might experience delays due to processing times. If you haven’t received your payment after 21 days, it could be due to errors or the need for additional review by the IRS. In such cases, the portal might not show immediate results, so patience is necessary.

Additional Information

Eligible families can track their payments and update their information through the Child Tax Credit Update Portal. To claim the credit, the dependent child must have a valid Social Security number and have resided with the taxpayer for more than half of the tax year in the US. The $300 monthly CTC payment is part of a broader economic support plan, providing steady financial assistance to families.

If you do not receive the expected payment, verify your eligibility and ensure your information is up-to-date on the IRS portal.

The 2024 Child Tax Credit payments are a great help for families raising children. Monthly payments ensure steady financial support throughout the year. Check your eligibility, stay updated on the payment schedule, and make sure your information is current with the IRS to receive your payments smoothly.

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