CTC Stimulus Monthly Payments 2024: Eligibility Criteria & How to Apply?

The Child Tax Credit (CTC) is a government-mandated tax benefit that offers qualifying families with qualifying dependent children financial support to ease the financial strain of raising a child by either lowering tax liabilities or boosting tax refunds. The number of qualified children and household income determine the credit amount.

According to Biden’s proposed budget, the child tax credit (CTC) stimulus monthly payment 2024—a federal tax benefit that helps taxpayers with children financially—would increase to $3,600 for children under the age of six and $3,000 for children beyond the age of six.

How to apply for the child tax credit in 2024?

Schedule 8812, Credits for Eligible Child and Similar Others, together with qualifying children and other dependents, must be included with Form 1040, U.S. Individuals Income Tax Return, in order to claim the Child Tax Credit.

CTC Stimulus Monthly Payments 2024

Form 1040 or 1040-SR, the federal tax return, must be filed by April 15, 2024, or by October 20, 2024, the end of the extension period, for the tax year 2023. In order to determine the CTC amount and potential compensation, Schedule 8812 must be fulfilled. Those who have filed tax returns for 2023 will automatically receive the CTC.

CTC 2024 Eligibility Qualifications

  • You must be an American citizen or a resident alien, together with your child.
  • By December 31st, 2023, the tax year’s end, the youngster must be under 17 years old.
  • If the child is your biological, step, foster, adoptive, half-sibling, or descended from any of these, you are entitled to claim them.
  • Both the parents’ and the child’s Social Security numbers must be current.
  • Depending on your filing status, your Modified Adjusted Gross Income (MAGI) must be less than certain thresholds: Wed Joint Filing: Less than $400,000. Head of Household or Single: Less than $200,000

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