The Child Tax Credit (CTC) has been a vital source of financial support for families with children for many years.
The payments are usually made monthly by the Internal Revenue Service (IRS) to eligible families.
As we look ahead to 2024, let’s take a look at the monthly payments schedule, IRS payout dates, and eligibility criteria for the CTC.
1. Monthly Payments Schedule:
The CTC monthly payments schedule for 2024 is set to start in July and continue through December.
The payments will be made on the 15th of each month, excluding weekends and holidays.
Families can expect to receive half of their total CTC amount each month, with the remainder being claimed when filing taxes for the year.
2. IRS Payout Dates:
The IRS payout dates for the CTC in 2024 are as follows:
– July 15th
– August 15th
– September 15th
– October 15th
– November 15th
– December 15th
It’s important to note that these dates are subject to change, so families should stay informed by checking the IRS website regularly.
3. Eligibility:
To be eligible for the CTC in 2024, families must meet certain criteria. These include:
– Having a qualifying child who is under the age of 17 at the end of the tax year
– Meeting income limits set by the IRS
– Having a valid Social Security number for each child
– Filing taxes as either single, head of household, or married filing jointly
Families who are eligible for the CTC will automatically receive monthly payments based on their income and the number of qualifying children.
4. Conclusion:
The CTC monthly payments schedule for 2024, along with the IRS payout dates and eligibility criteria, provide much-needed support to families with children.
By understanding when and how these payments will be made, families can better plan their finances and make the most of this valuable tax credit.
It’s essential for eligible families to stay informed and take advantage of the resources available to ensure they receive the financial support they need.