IRS Tax Credit Schedule 2024 – Check Tax Credit Dates for June and December

By Elena Cordelia

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IRS Tax Credit Schedule 2024

The Child Tax Credit (CTC) is a valuable benefit provided by the federal government to help families with dependent children.

It’s designed to offer financial support, making it easier to manage the costs of raising kids. Even though there haven’t been any major changes to the CTC this year, it’s important to know how it works and how you can benefit from it. Let’s dive into the details of the Child Tax Credit for 2024.

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What is the Child Tax Credit?

The Child Tax Credit is a non-refundable tax credit for taxpayers with children under 17 years old. This means it can help reduce the amount of tax you owe. In some cases, you might even get a refund through the Additional Child Tax Credit (ACTC). To qualify for this credit, both you and your child need to meet specific requirements.

CriteriaDetails
AgeThe child must be under 17 years old.
RelationshipThe child must be your son, daughter, stepchild, foster child, sibling, half-sibling, grandchild, niece, or nephew.
Dependency StatusThe child must depend on you for financial support.
ResidencyThe child must have lived with you for more than half of the tax year.
Financial SupportYou must provide more than half of the child’s financial support.
CitizenshipThe child must be a U.S. citizen, U.S. national, or U.S. resident alien.
IncomeThe credit phases out for higher-income earners.

Payment Schedule

The IRS has a set payment schedule for the CTC in 2024. Payments are issued on the 15th of each month. If the 15th falls on a weekend or holiday, payments are made on the previous business day. Here are the dates for the payments:

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MonthPayment Date
June14th June 2024
July15th July 2024
August15th August 2024
September15th September 2024
October15th October 2024
November15th November 2024
December15th December 2024

Future Adjustments

There might be some changes to the Child Tax Credit in the future. The Tax Relief for American Families and Workers Act of 2024, currently being reviewed in the Senate, proposes adjustments to the CTC.

If passed, this act could increase the refundable portion of the credit and account for inflation. This means the maximum refundable amount could go up to $1,900 in 2024 and $2,000 in 2025, providing an extra $100 each year.

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The Child Tax Credit is an important financial tool for many American families. It helps reduce the financial burden of raising children.

To get the most out of this benefit, it’s essential to stay informed about the eligibility requirements and payment schedules. For the latest and most accurate information, always check the IRS official website at www.irs.gov. Keeping up-to-date with these details ensures you can maximize the benefits available to you.

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Disclaimer- We are committed to fair and transparent journalism. Our Journalists verify all details before publishing any news. For any issues with our content, please contact us via email. 

Elena Cordelia

Elena is a seasoned tax consultant with a decade of expertise in income tax management. Graduating with top honors in Finance, she embarked on a career journey focused on simplifying tax complexities. Elena's insightful articles on thecsc.org provide practical guidance to taxpayers.

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