Child Tax Credit Payment Schedule 2024

The Child Tax Credit (CTC) is a valuable tax credit offered to eligible families with qualifying children under the age of 17. The credit is designed to help families offset the costs of raising children and can be claimed when filing your tax return. In 2024, the CTC will be paid out in advance on a monthly basis to eligible families. In this blog post, we will provide a comprehensive guide to the CTC payment schedule for 2024, including eligibility requirements, payment amounts, and how to claim the credit.

Eligibility Requirements

To be eligible for the CTC, you must meet the following requirements:

• Have a qualifying child under the age of 17
• Be a U.S. citizen or resident alien
• Have a Social Security number
• Have earned income above $2,500
• Not file Form 2555 or 2555-EZ (foreign earned income)

Qualifying Child

A qualifying child is a child who is under the age of 17 and meets certain relationship and residency tests. The child must be:

• Your son, daughter, stepchild, foster child, brother, sister, half-brother, or half-sister
• Under the age of 17 as of December 31, 2024
• A U.S. citizen or resident alien
• Living with you for more than six months of the tax year

Payment Schedule

The CTC will be paid out in advance on a monthly basis to eligible families. The payment schedule for 2024 is as follows:

• July 2024: $250 per child (ages 0-5), $200 per child (ages 6-16)
• August 2024: $250 per child (ages 0-5), $200 per child (ages 6-16)
• September 2024: $250 per child (ages 0-5), $200 per child (ages 6-16)
• October 2024: $250 per child (ages 0-5), $200 per child (ages 6-16)
• November 2024: $250 per child (ages 0-5), $200 per child (ages 6-16)
• December 2024: $250 per child (ages 0-5), $200 per child (ages 6-16)

How to Claim

To claim the CTC, you will need to file Form 8812 with your tax return. You will also need to provide the Social Security number and date of birth for each qualifying child.

What to Expect

The CTC will be paid out in advance on a monthly basis to eligible families. The payments will be made via direct deposit or check, depending on your preference.

How to Update Your Information

If your information changes during the year, you will need to update your information with the IRS. You can do this by calling the IRS or by using the IRS website.

FAQs

The Child Tax Credit is a valuable resource for families with qualifying children. By understanding the payment schedule and eligibility requirements, you can ensure that you receive the credit you are entitled to. If you have any questions or concerns, be sure to consult with a tax professional or contact the IRS directly.