Child Tax Credit 2024 Payment July: Is a CTC Monthly Payment of $300 Really Coming Today?

Child Tax Credit Payment July: According to Marca, a Facebook post from June 9 says that this month, children will start getting hundreds of dollars a month from the federal government through the Child Tax Credit. This message was shared in just over a week, showing how quickly it became famous. Similar assertions have surfaced in threads on Facebook.

“In 2024, the IRS will make a $300 direct deposit payout on the 15th of each month to those under six,” the post states. 16–17 year olds will get $250 monthly. On July 15, 2024, all eligible persons should be able to start receiving the CTC Monthly Payments 2024 from the IRS.

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Child Tax Credit Payment July: Is the $300 check arriving today?

In any case, this claim is not true. From July to December 2021, paid parents, not children, will increase child tax credit payments. This seems to be a distortion of an American Rescue Plan program. Tax experts and the IRS say that this program will not start until after July 2024.

The extended child tax credit from 2021 would be brought back, and families would be able to get their tax credits as monthly payments, as President Joe Biden wants to do in his planned budget for 2025. Republicans rule the House, so this plan is not likely to be passed there.

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As part of the original plan, parents could get up to $300 a month for kids younger than six and up to $250 a month for kids six to seventeen. There has been no indication of whether the initiative will reopen after concluding in December 2021.

The House approved legislation in January raising the refundable child tax credit. The Senate never allowed voting on it, though.

With a tax credit of up to $2,000 per child, taxpayers whose children depend on it can now cut their tax load. The extra child tax credit allows you to get back up to $1,600 per kid.