CTC Payments 2024 IRS Update – Latest Info on Child Tax Credit!

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CTC Payments 2024 IRS Update

The 2024 Child Tax Credit (CTC) introduces major updates for U.S. families. Payments will be made monthly on the 15th if approved by the IRS. The CTC amount has increased to $4,000 per eligible child under 18, up from $3,600 in previous years.

CTC Payments 2024 IRS Update

The Child Tax Credit (CTC) for 2024 brings significant changes impacting families in the United States. The New Child Tax Credit payment is expected to start by October 30, 2024, with monthly payments scheduled for the fifteenth of each month. 

President Biden’s proposed budget aims to raise the credit to $3,600 per child under six and $3,000 for children aged six and above, with monthly payments of $300 or $250 per child, $4000 for under 18 years.

Eligibility for the CTC requires children to be under 17, filers to have a distinct social security number, and a minimum income of $2,500 to qualify for the refundable portion of the credit.

CTC Payments 2024 Eligibility

The individuals  who qualifies for the CTC payments in 2024 are:

Child Requirements:

  • The child must be under 18 years old at the end of 2023 (tax year for which you’re claiming the credit).
  • You must be the child’s biological or adoptive parent, stepparent, foster parent, or a relative providing over half their financial support. This can include siblings, grandchildren, nieces, or nephews.
  • The child must have lived with you for more than half of the year (2023).
  • The child cannot file a joint tax return unless it’s to claim a refund of withheld income tax or estimated tax paid.
  • Social Security Number: The child must have a valid Social Security number or a valid Individual Taxpayer Identification Number (ITIN).

Taxpayer Requirements:

  • Tax Filing: You must file a tax return for 2023 (filed by April 15, 2024 or with extension by October 15, 2024).
  • Income Limits: The credit amount you receive is based on your Modified Adjusted Gross Income (MAGI). The full credit amount is available for single filers making under $200,000 and married couples filing jointly making under $400,000. The credit amount starts to phase out for higher income earners.
  • You cannot claim the CTC for a child who is also claimed by another taxpayer.

CTC Payments 2024 IRS Amount

The IRS offers two ways to benefit from the CTC in 2024:

  • Monthly Payments: These are distributed in advance throughout the year to eligible families. 
    • $300 per month for children under 6.
    • $250 per month for children ages 6 to 17.
  • Refundable Tax Credit: When you file your tax return for 2023 (filed by April 15, 2024 or with extension by October 15, 2024), you can claim the remaining credit amount that wasn’t covered by the monthly payments. The total credit amount in 2024 is:
    • $4,000 per eligible child under 18.
  • The monthly payments are advanced instalments, not the entire credit. You may still receive a refund when you file your taxes.
  • Your eligibility and final credit amount depend on your income and the number of qualifying children.

Tracking Your 2024 CTC Refund Status 

The steps on how to check the status of your remaining CTC refund for 2023 taxes (filed by April 15, 2024 or with extension by October 15, 2024) :

  • Visit the IRS ‘Where’s My Refund?’ Tool at irs.gov/wheres-my-refund/.
  • You’ll need to provide your Social Security number, filing status (e.g., Single, Married Filing Jointly), and the exact amount of your refund you expect (including the CTC amount). 
  • Once you enter the information, click “Submit” and the tool will display the estimated timeframe for receiving your refund.
  • The “Where’s My Refund?” tool typically updates once a day.
  • The IRS recommends waiting at least 21 days after electronically filing or 4 weeks after mailing your return before checking the status.

What to do if my CTC Payment is delayed?

There are a few reasons why your CTC payment might be delayed in 2024. Here’s what you can do to investigate and hopefully resolve the issue:

Allow Processing Time:

  • The IRS typically needs 21 days to process e-filed returns and 4 weeks for mailed returns. Make sure it hasn’t been that long since you filed before getting concerned.

Take Action if Necessary:

  • If “Where’s My Refund?” doesn’t provide a clear answer and it’s been more than 21 days (e-filed) or 4 weeks (mailed), you can try contacting the IRS:
    • Call the IRS Telephone Service: Reach them at 1-800-829-1040 (be prepared for wait times).
    • Check Your Mail: The IRS may send you correspondence about any issues with your return.

Visit NCBLPC Homepage To Get Relevant Updates.

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