Introduction:
In July 2024, families across the United States will begin receiving their Child Tax Credit (CTC) deposits. This financial support is designed to help parents manage the costs associated with raising children. The CTC payments are part of the broader initiative to provide economic relief and support family well-being. This article provides comprehensive information on the deposit start date, payment amounts, and the steps you need to take to claim these benefits.
Payment Amounts
The amount you will receive from the Child Tax Credit depends on various factors, including the number of children you have and your income level. Here’s a breakdown of the payment amounts:
- Children under 6 years old: Families will receive $300 per month per child.
- Children between 6 and 17 years old: Families will receive $250 per month per child.
It’s important to note that the total amount of the CTC is $3,600 for children under 6 and $3,000 for children aged 6 to 17. These payments are typically issued monthly, providing families with regular financial support throughout the year.
How to Claim Your CTC
Claiming your Child Tax Credit is straightforward, but it requires ensuring that your information is up to date with the IRS. Here’s what you need to do:
- Ensure Tax Filing: Make sure you have filed your tax return for the previous year. This is crucial as the IRS uses your tax return information to determine eligibility and payment amounts.
- Verify Your Information: Check that all your information is correct, including your dependents and direct deposit details. This can be done through the IRS Child Tax Credit Update Portal.
- Non-Filers: If you did not file a tax return, you can still claim your CTC by using the IRS Non-Filer Sign-Up Tool. This is particularly important for families who do not normally file taxes due to low income.
Deposit Start Date
The IRS has announced that CTC payments will start on July 15, 2024. Payments will be deposited directly into the bank accounts provided on your tax return. If you did not provide direct deposit information, a check will be mailed to the address on your tax return.
Conclusion:
The Child Tax Credit payments starting in July 2024 represent a significant financial boost for families. By understanding the payment amounts and how to claim your CTC, you can ensure that you receive the support you’re entitled to. Stay informed and proactive about your tax filing and personal information to make the most of this benefit.
FAQ’s:
Q1: When will the first CTC payment be deposited?
A: The first CTC payment will be deposited on July 15, 2024.
Q2: How much will I receive for my children?
A: You will receive $300 per month for each child under 6 years old and $250 per month for each child between 6 and 17 years old.
Q3: What if I didn’t file a tax return last year?
A: You can use the IRS Non-Filer Sign-Up Tool to claim your Child Tax Credit.
Q4: How do I update my direct deposit information?
A: You can update your direct deposit information through the IRS Child Tax Credit Update Portal.
Q5: Will I receive a check if I don’t have direct deposit set up?
A: Yes, if you do not have direct deposit information on file, a check will be mailed to the address on your tax return.