Written By: Anushka
CTC deposits are expected to begin on 15 August 2024, with payments typically made on the 15th of each month. Official dates are yet to be announced.
For 2024, the maximum CTC amount is $2,000 per eligible child, with up to $1,700 refundable. Monthly payments may return depending on Congressional decisions.
CTC phases out at a Modified Adjusted Gross Income (MAGI) above $200,000 for single filers, $112,500 for head of household, and $400,000 for married couples filing jointly.
To claim the CTC, gather income and child expense documents, choose a filing method (online or IRS Free File Services), complete the claim form accurately, and file your tax return by 15 April 2025.
To qualify for CTC, claimants must have a child under 17, be US citizens, and meet income requirements. Visit IRS and US Government websites for detailed information.
Factors affecting CTC processing include filing method, document accuracy, and adherence to guidelines. Errors or guideline breaches can delay or reject tax credits.