$300 CTC Starting Date Confirmed – When Will You Get Your Child Tax Credit Payments?

Starting July 15, 2024, the US Government will begin issuing monthly Child Tax Credit (CTC) payments, providing vital financial aid to households with children. This initiative aims to alleviate the economic strain of raising children by offering monthly support instead of a lump sum at tax time.

Payments

From July 15, 2024, eligible families will receive monthly payments under the Child Tax Credit. Families with children under six will get $300 monthly, totaling $3,600 annually. For children aged six to seventeen, the payment will be $250 per month, adding up to $3,000 annually. Payments are scheduled for the 15th of each month: July 15, August 15, September 15, and so forth. If the 15th falls on a public holiday, the payment will be made on the next business day.

Eligibility

To qualify for the CTC, households must have a dependent child who meets specific criteria, such as age (under 17 at the tax year’s end), relationship to the applicant, residency, and income limits. Dependents can include children, nieces, nephews, grandchildren, stepchildren, foster children, and siblings.

Families who have filed a federal income tax return for 2023, enrolled in the 2023 Economic Impact Payment Program, or used the IRS non-filer sign-up tool for the Advanced Child Tax Credit will automatically receive payments. The IRS primarily uses 2023 tax return data to determine the payment amount, and if those are unavailable, they will use 2022 tax records.

Payment Status

Recipients can monitor their payment status via the IRS website or the IRS2Go mobile app. To check, you’ll need your Social Security Number or ITIN, filing status, and exact payment amount. The IRS typically processes payments within 21 days of receiving a tax return. However, delays may occur, especially for paper returns. If there’s no update on the portal, it may indicate the IRS has not processed your return yet.

What to Expect

Eligible families can use the Child Tax Credit Update Portal to track their payments and update their information. To be eligible, families must have filed tax returns for 2021, 2022, or 2023. The credit fully applies to married couples earning up to $150,000, heads of households earning up to $112,500, and other taxpayers earning up to $75,000.

The dependent child must have a valid Social Security Number and must have lived with the taxpayer for more than half the tax year in the US to claim the credit. The $300 Child Tax Credit Payment is part of a larger economic support plan, offering consistent financial aid to families over time. If you don’t receive the expected payment, verify your eligibility and ensure your information is up-to-date on the IRS portal.

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