For qualifying families, the CTC Stimulus Monthly Payments for 2024 are a huge assistance. The IRS will now make these payments on a monthly basis rather than only as a tax refund.For 2024, the government’s assistance program for taxpayers with children, the child tax credit (CTC), has been raised to $3,600 for each child under the age of six and $3,000 for each child beyond the age of six. The fifteenth of every month will see the payment of these amounts.
When will CTC Stimulus Monthly Payments begin in 2024?
On July 15, 2024, the Child Tax Credit (CTC) Stimulus Monthly Payments for 2024 will begin. If a family files their taxes for the previous year, they will automatically be eligible for these funds. If you believe you should have received payments but haven’t, review IRS regulations to ensure you’ve fulfilled all requirements, such as submitting taxes or updating your information on the IRS website.
Recall that these payments are a part of a larger scheme to support the economy, and the timing of your payments may vary depending on your individual circumstances and the length of time it takes to process them. However, the IRS intends to maintain a consistent timetable to provide families with year-round financial support.
Eligibility Criteria for CTC Stimulus Monthly Payments 2024
1. You have to be the owner of a 2019–2020–2021 tax return that you filed. The IRS utilizes this information to determine your eligibility and the appropriate amount to award you.
2. Married couples earning up to $150,000, heads of households earning up to $112,500, and all other taxpayers earning up to $75,000 are eligible for full credit.
3. Children under 17 at the end of the tax year are eligible for the credit. The child must be claimed as a dependent on your tax return and have a valid Social Security number.
4. The child had to reside with you for over half of the US tax year. Over the past year, you have to have contributed at least half of the child’s support.