A recent Facebook post from last month claimed that starting this month, children would get hundreds of dollars per month from a federal agency in Child Tax Credit-like payments. In fact, this post rapidly gained popularity, accumulating dozens of shares in just over a week, and similar claims have circulated on Facebook and Threads.
“In 2024, the IRS will make a $300 direct deposit payout on the 15th of each month to those under six,” the Facebook post claimed. What is more, it continued “Those aged six to seventeen will receive $250 every month. CTC Monthly Payments 2024 from the IRS are expected to go into effect beginning on July 15, 2024, for all eligible individuals.”
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Is this IRS Child Tax Credit true?
Nevertheless, this claim is false. It seems to misrepresent a program from the American Rescue Plan, which offered advance child tax credit payments to parents, not children, from July to December 2021. Tax experts and the IRS confirm that no such program is set to start in July 2024.
In summary, no new Child Tax Credit payments are starting this month. Always verify the information you come across on social media to avoid misinformation.
President Joe Biden has proposed a 2025 budget that seeks to reintroduce the expanded child tax credit from 2021, allowing households with children to receive their tax credits through monthly payments. However, the likelihood of this proposal passing in the Republican-controlled House remains low.
Details of the Expanded Child Tax Credit
The original program, which ended in December 2021, provided significant financial support to families:
- Up to $300 per month for children under 6 years old
- Up to $250 per month for children aged 6 to 17 years old
These payments were directly sent to parents, offering much-needed relief. Despite the program’s success, there has been no sign of its revival since it ended.
Current Legislative Landscape
Although the House passed a bill in January to increase the refundable child tax credit, it has yet to advance to a Senate vote. This indicates the challenges ahead for any new proposals aimed at expanding the child tax credit.
Current Child Tax Credit Options
At present, taxpayers with dependent children can benefit from:
- A nonrefundable tax credit of up to $2,000 per qualifying child, which reduces their overall tax liability
- A refundable credit of up to $1,600 per child available under the additional child tax credit
These existing credits still offer support, but many families who benefited from the 2021 expanded credit are eagerly awaiting potential new legislation.
The future of the child tax credit remains uncertain, but it continues to be a crucial topic of discussion as lawmakers consider how best to support families. For more details visit IRS website at: https://www.irs.gov/newsroom/the-child-tax-credit-benefits-eligible-parents