The IRS will begin issuing Child Tax Credit (CTC) payments on July 15, 2024. These monthly payments will be $250 per eligible child. Here’s a breakdown of what you need to know:
Payment Amounts
- Maximum Annual Credit: $2,000 per eligible child.
- Refundable Portion: Up to $1,700.
Income Limits for Full Benefits
- Married Filing Jointly: Up to $400,000.
- Head of Household: Up to $112,500.
- Single: Up to $200,000.
How to Claim
- Gather Documents: Income and child-related expenses.
- File Online: Using IRS Free File Services.
- Verify and Submit: Ensure accuracy and submit your tax return by April 15, 2025.
Eligibility Criteria
- Child’s Age: Under 17 years old.
- Citizenship: Must be a U.S. citizen.
Key Points
- Payments can be delayed due to errors or verification processes.
- Online filings typically result in faster payments than paper filings.
Summary Table
| Aspect | Details |
|---|---|
| Start Date | July 15, 2024 |
| Monthly Payment | $250 per eligible 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 detailed information, visit the official IRS website.