Monday, July 15, 2024

Child Tax Credit Payments to Start in July 2024

The IRS will initiate Child Tax Credit (CTC) payments on July 15, 2024. Here are the key details:

Payment Information

  • Monthly Amount: $250 per child
  • Annual Maximum: $2,000 per child
  • Refundable Portion: Up to $1,700

Income Thresholds for Full Benefits

  • Married Filing Jointly: Up to $400,000
  • Head of Household: Up to $112,500
  • Single Filers: Up to $200,000

Claim Process

  1. Prepare Documents: Collect income and child-related expense records.
  2. File Online: Utilize IRS Free File Services.
  3. Submit on Time: File by April 15, 2025.

Eligibility Criteria

  • Child’s Age: Under 17 years
  • Citizenship: Must be a U.S. citizen

Key Points

  • Payments might be delayed due to errors or verification.
  • Electronic filings are processed faster than paper ones.

Summary Table

Aspect Details
Start Date July 15, 2024
Monthly Payment $250 per child
Annual Credit Up to $2,000 per child
Refundable Portion Up to $1,700
Income Limit (Joint) $400,000
Income Limit (Head) $112,500
Income Limit (Single) $200,000
Filing Deadline April 15, 2025

For more details, visit the IRS official website.

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