$300 Child Tax Credit 2024 IRS

You are eligible to receive $300 in 2024 through the IRS Child Tax Credit program’s Direct Stimulus Checks Deposit. Eligible US citizens who file their taxes on a monthly basis and have children younger than six years old will get a $300 payment on the 15th of every month.

The Internal Revenue Service plans to deposit $300 monthly in 2024 as a portion of the Child Tax Credit program.

In the US, everyone knows that when they get a stimulus check, there will be a little extra money to cover expenses. Since these checks were popular during the outbreak, Americans have started to value them. To be fair, not all of these payments use this exact term. Stimulus checks are now the official name for payments that go above and beyond the usual pay schedules.

President Joe Biden has included the completely restored Child Tax Credit, which was $3,600 for eligible children under the age of six and $3,000 for children six and older, in his $7.3 trillion budget statement for 2025. This credit was significantly increased from the existing $2,000 and was approved during the 2021 American Rescue Plan.

Citizenship, having a dependent child under the age of 17, and meeting income levels are some of the requirements that individuals must meet to be eligible for the $300 direct deposit from the IRS. Filing their taxes for 2021 is a prerequisite to receiving the IRS Child Tax Credit in 2024. Working people with bank accounts, permanent residences, Social Security numbers, and other qualifying documents may be eligible for one of these benefits when they become effective.

Also Read : 500 Stimulus Card 2024

How it is paid? 

Eligible individuals would get the whole amount, regardless of tax liability, as the credit is completely refundable and would be paid out in $250 to $300 monthly payments per kid.

According to the budget statement, 66 million children would benefit from a tax cut of $2,600 and 39 million low- and middle-income families would see a reduction of poverty if the credit were restored.

The initial expansion of the Child Tax benefit in 2021 “helped cut child poverty nearly in half in 2021 to its lowest level in history and narrowed racial disparities in access to the credit,” according to the published statement.

Congress is also thinking about a different approach for the Child Tax Credit. Even though it was passed by the House of Representatives, the $78 billion Tax Relief for American Families and Workers Act of 2024 seems to have stopped in the Senate.

Following Social Security’s lead, the proposal would raise the refundable portion of the present $2,000 Child Tax Credit and index future increases to inflation.

Also Read : 2024 First Quarter Estimated Tax Payment

Where will you send my payment?

If you have a bank account, you can sign-up for direct deposit of your monthly payments. If you receive your payment electronically, it will show up in your bank account labeled CHILDCTC. If not, simply enter the address where you’d like your payments mailed.

You can receive monthly Child Tax Credit payments even if you don’t have a permanent address. You can list a trusted address where you would like to temporarily receive your monthly checks, such as the address of a friend, relative, or trusted service provider like a shelter, drop-in day center, or transitional housing program.

What if I don’t have a bank account?

If you don’t have a bank account, checks will be mailed to your address.

If you wish to open bank account, visit the Federal Deposit Insurance Corporation (FDIC) for information on opening an account online.

Reloadable prepaid debit cards or mobile payment apps with routing and account numbers may also be an option.

Starting in mid-July, you might see a new federal tax benefit appear in your bank account. For every child 6-17 years old, families will get a monthly payment of $250, and for children under 6 years old, families will get $300 each month.