American families with eligible children are expected to be able to apply for the IRS Child Tax Credit this year.
The IRS will pay a set amount of CTC to families with qualifying children each month. Beginning July 15, 2024, this payment will be disbursed in accordance with eligibility.
After that, on the fifteenth of every month, you will be paid your Child Tax Credit. It is advisable to wait a few business days, make sure you submitted a 2019 or 2020 income tax return, and take all the required measures to claim the CTC monthly payment for those who will not get payments on time but believe they are qualified.
Steps To Claim CTC Payment 2024
You must submit a claim in order to be eligible for the $250 and $300 CTC monthly payments. It will take a few actions to achieve this. Once everything is completed, you will be able to collect this cash aid.
You can take the following general actions in order to claim your $250 and $300 monthly Child Tax Credit (CTC) payments in 2024:-
- Check Your Eligibility: To find out if you are eligible for the credit and the payments, use the Child Tax Credit Eligibility Assistant.
- File A Tax Return: Submit your federal income tax return if you haven’t already. Using the Non-filer Sign-up Tool, you can register with the IRS if you don’t typically file returns.
- Update Information: Check the status of your payments and make any necessary updates to your information by using the Child Tax Credit Update Portal.
When To Receive Benefits Of CTC Payment?
If a family is eligible and has filed a federal income tax return for 2019 or 2020, used the IRS.gov Non-Filers tool to register for an Economic Impact Payment during 2020, or has already registered for the Advance Child Tax Credit using the Non-filer Sign-up Tool, they will automatically receive monthly payments.
The payments are anticipated to be made starting on July 15 and will be placed into bank accounts on the 15th of each month for individuals who have opted for direct deposit with the IRS.