IRS CTC Payments Explained: What to Expect in 2024

The Child Tax Credit (CTC) is a federal program by the IRS to help families with children by giving them money each month. For 2024, the CTC will continue to be a helpful financial support, offering monthly

payments to ease the costs of raising children. Here’s what you should know about these payments for 2024, including when you’ll get them, how much you’ll receive, and if you qualify.

Monthly Payments

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The CTC is a refundable tax credit, which means it can either reduce the amount of taxes you owe or give you a refund if the credit is more than your taxes. For 2024, you will get these credits as monthly payments, so you can receive steady financial help all year long.

Payment Amounts

How much you get each month depends on your child’s age:

• Children under 6 years old: $300 each month ($3,600 for the whole year)
• Children aged 6 to 17: $250 each month ($3,000 for the whole year)

These payments usually come on the 15th of each month, starting in July.

Payment Schedule

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The CTC payments are planned for the 15th of every month. The specific dates for 2024 are not confirmed yet, but based on past years, here’s a rough schedule:

• August 15, 2024
• September 15, 2024
• October 15, 2024
• November 15, 2024
• December 15, 2024

Check the IRS website for any updates on the exact dates.

Eligibility

To get these payments in 2024, you must meet certain criteria:

Filing Requirements

• You need to have filed a tax return for 2023. This helps the IRS check your income and other details.

Child Criteria

• The child must be under 18 years old at the end of 2024.
• The child should live with you for more than half of the year.
• The child needs a valid Social Security number.
• The child should be listed as your dependent on your tax return.

Residency and Income

• You must be a US resident or resident alien.
• Your income should be below these limits:
  • Married couples filing jointly: $150,000
  • Heads of household: $112,500
  • Single filers and others: $75,000

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Use the IRS Interactive Tax Assistant tool to check if you qualify based on your income and other factors.

Receiving Payments

Getting your CTC payments is simple if you meet the eligibility requirements:

Automatic Payments

• You usually don’t need to do anything extra to get the payments. The IRS will send them to the bank account you provided on your latest tax return.

Tax Return Filing

• Make sure you’ve filed your 2023 tax return. The IRS prefers direct deposit for quicker and safer payments. Double-check that your bank account information is correct.

Annual Credit

• The monthly payments are an advance on the total CTC you’ll claim when you file your taxes next year. Depending on your income and the number of qualifying children, you might get extra credit when you file your taxes.

IRS Letter 6419

• After payments start, the IRS will send you Letter 6419. This letter will show the total CTC payments you’ve received throughout the year. You can also view your payment record online through the IRS portal.

Reporting Changes

• If your income, marital status, or number of qualifying children changes during the year, it may affect your payments. Use the CTC update portal to report any changes to ensure you get the correct amount.

The CTC can also affect other tax benefits you get. It’s a good idea to talk to a tax professional to make sure you’re getting all the benefits you’re eligible for.