Get the latest facts and updates regarding CTC Payment Updates: New Increase, $300 Direct Payment Dates, and Eligibility. CTC stands for Child Tax Credit, one of America’s strongest tools, which provides financial assistance to millions of American families to raise their children. This article will discuss the latest CTC payment updates.
CTC Payment Latest Updates
Child Tax Credit is a financial aid program launched by the American Government to provide financial assistance to households belonging to vulnerable sections and have low incomes. The CTC program for the year 2024 provided financial support based on the dependent child’s age.
The household has a good percentage of monetary benefits for those who have children under 6 years old or for those households who have children aged between 6 and 17. The credit amount was increased as per the American Rescue Plan Act. The amount was increased up to $3600 per child under 6 and up to $3000 per child aged between 6 and 17.
| Important Links |
CTC Payment New Increase
On 19 January 2024, the House Ways and Means Committee passed the Tax Relief for US Families and Workers Act of 2024. This act might inflate the CTC, which is now $2000 per kid and refundable $1600. The amount for the refundable credit will be escalated up to $1800 for the year 2023, $1900 for the year 2024, and $2000 for the year 2025.
Apart from this, the American president, Joe Biden, launched an American Rescue Plan, through which the IRC confirmed $300 as a monthly payment through the Child Tax Credit. The IRS affirmed the tax credit to assist families in the well-being of children. In addition, this time, all qualified households will be able to take advantage of the plan, which intends that vulnerable households will receive an equal amount of credit.
CTC $300 Direct Payment Dates
Child Tax Credit is a refundable tax that reduces the amount owned by the individual as a tax liability. The CTC is granted as monthly payments. The payments are scheduled on the 15th of every month, which are 15 August, 15 September, 15 October, 15 November, and 15 December 2024. However, the exact date of payment is yet to be confirmed by CTC.
The claimants who meet the eligibility norms can claim the 300 CTC. An applicant requires Form 1040, with Schedule 8812, along with the qualification of children. In addition, attach the required documents that will be needed for document verification. If all the documents are verified as per the provided information, the higher authorities will send confirmation to the applicant using the provided contact information.
Eligibility of CTC
To receive the CTC, the applicants have to approve certain qualifications set by the IRS. Some of them are listed below:
- The applicant who claimed the CTC must be under 18, which significantly implies that the claimant should be no older than 17.
- The applicants will not be eligible if his or her income is more than $4,00,000 for a married family and $2,00,000 for a single person.
- Applicants who have not contributed more than half of their earnings are eligible to claim the CTC.
In addition, the recipient should have a valid social security number and have lived in America for more than a half year. Moreover, candidates cannot file a joint return with their spouse, and if the official finds such applications, the application will be rejected.
| Important Links |
All We Know
To provide financial assistance to vulnerable households, the American government set up certain updates in CTC 2024, such as the tax credit being distributed periodically. The CTC amount can be estimated by an online CTC calculator provided by the IRS. This calculator helps to analyze the estimated amount of being received by claimants on the basis of their current scenario.
Apart from this, if an individual is eligible for the CTC but, for certain reasons, is not able to avail of the perks of CTC, he or she can get a refund by claiming the Additional CTC. To avail of CTC, there are certain eligibility criteria that a claimant has to qualify for, some of which are mentioned below:
- An individual must have at least $2500 in earned income. The individual does not have any other income sources, like pension or welfare funds.
- The earnings should be from sources like self-employment or jobs.
However, the exact date of CTC payment has yet to be confirmed. Visitors must regularly visit the website to stay updated.
