Child Tax Credit 2024 Payment: Is your $300 monthly CTC payment coming today?
A June 9 Facebook post claims that starting this month, children will receive hundreds of dollars a month from a federal agency in the form of a child tax credit. The post quickly gained traction, with dozens of shares in just over a week, and similar claims spread across Facebook and Threads.
"In 2024, the IRS will pay a $300 direct deposit on the 15th of each month to those under six years of age," the post read. "Those between the ages of six and seventeen will receive $250 monthly. The IRS's 2024 monthly CTC payments are expected to go into effect beginning July 15, 2024, for all eligible individuals."
However, this claim is incorrect. It appears to misrepresent a program from the American Rescue Plan, which provided advance child tax credit payments to parents, but not children, from July to December 2021. According to tax experts and the IRS, such a program is not scheduled to begin in July 2024.
President Joe Biden's proposed 2025 budget aims to restore the expanded child tax credit for 2021 and allow families to receive the tax credits through monthly payments. However, this proposal is unlikely to pass in the Republican-controlled House.
The original program provided up to $300 a month for children under six and $250 for children ages 6 to 17, with payments going to parents. The program ended in December 2021, and there is no indication that it will be revived.
Although the House of Representatives passed a bill in January to increase the refundable child tax credit, it has yet to advance to a vote in the Senate.
Taxpayers with dependent children can claim a nonrefundable tax credit of up to $2,000 per qualifying child, reducing their tax liability. Under the Additional Child Tax Credit, a refundable credit of up to $1,600 per child is available.
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