Child Tax Credit Payments to Begin in July 2024

Starting July 15, 2024, the IRS will distribute Child Tax Credit (CTC) payments to eligible families. Here’s what you need to know:

Payment Details

  • Monthly Payment: $250 per child
  • Annual Maximum Credit: $2,000 per child
  • Refundable Amount: Up to $1,700

Income Limits for Full Benefits

  • Married Couples Filing Jointly: Up to $400,000
  • Head of Household: Up to $112,500
  • Single Filers: Up to $200,000

How to Claim

  1. Document Preparation: Gather income and child-related expense documents.
  2. File Electronically: Use IRS Free File Services for accuracy and speed.
  3. Submit by Deadline: Ensure your tax return is filed by April 15, 2025.

Eligibility Requirements

  • Child’s Age: Must be under 17 years.
  • Citizenship: Child must be a U.S. citizen.

Important Notes

  • Potential Delays: Payments may be delayed due to errors or verification needs.
  • Filing Method: Electronic filing typically results in faster payment processing.

Summary Table

AspectDetails
Start DateJuly 15, 2024
Monthly Payment$250 per child
Annual CreditUp to $2,000 per child
Refundable PortionUp to $1,700
Income Limit (Joint)$400,000
Income Limit (Head)$112,500
Income Limit (Single)$200,000
Filing DeadlineApril 15, 2025

For further information, visit the IRS website.