In an effort to help parents raise their children financially, the US government expanded the child tax credit in 2021, making it $300 for children under the age of six and $250 for children between the ages of six and seventeen. The article provides comprehensive information regarding the IRS CTC monthly payment for those in the United States who are curious about the child tax credit growth in 2024.
IRS CTC Monthly Payment
Millions of low-income taxpayers have found the kid Tax Credit (CTC) to be a godsend and source of support in managing the expense of raising a kid. Through CTC financial assistance, the government has demonstrated its commitment for American families since 1997. Presently, CTC helps 40 million families annually raise their dependent child.
Numerous families have benefited from the historic expansion in 2021, which also lessened their financial load. Americans can anticipate the same CTC growth this year. To better the lives of hundreds of children, the administration suggested earlier this year that the child tax credit be increased.
Parents who have dependent children under the age of 18 may receive yearly payments of $3,600 for children under the age of six and up to $2000 for children under the age of 18.
Eligibility for the IRS CTC monthly payment
1. A US citizen must be both the parent or legal guardian and the child. By the end of the 2023 tax year, the child must be younger than 17 years old.
2. Both the applicant and the child must possess a current social security number.
3. If the child is your biological child, stepbrother or sister, adopted child, half-sibling, foster child, stepchild, grandchild, or descended from any of these, you are eligible to receive the CTC payment.
4. The dependent on your tax return must be the child.
5. During the 2023 tax year, this child should not be the primary source of their financial support.
6. The youngster needs to spend more than six months in your home.
How to claim the CTC monthly payment?
In order to be eligible for the CTC monthly payments, an American must file a claim. The IRS CTC Credit can be claimed in the following ways: The CTC payment is yours to claim when you complete your tax return. You are still eligible for CTC financial help even if you do not have any income to report because the CTC credits are completely refundable.