Get the latest updates regarding the $3,600 Child Tax Credit 2024 Update Today: Latest News, Eligibility, and Payout Dates. Child Tax Credit (CTC) is the welfare aid program provided by the US government to its citizens who do not have sufficient earnings for the upbringing of their child. It alleviates the financial strain of such households to some extent. Recently, it announced the $3,600 CTC one-time relief check. This article will briefly describe the upgraded facts of $3,600 CTC.
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$3,600 Child Tax Credit 2024 Update Today
The US government has initiated the CTC program to assist low-income households financially in raising their child. The child tax credit was first introduced for the tax year 2021. The households who have a child under the age of 6 will receive $3,600 per child, and those who have a child between the ages of 16 and 17 will receive an amount of $3,000. The initiative was taken to aid households in coping with the economic hardships due to the cost of living and the spiked inflation.
In addition to this, new maximum tax credits will be available for the entitled taxpayers. To avail of these new tax credits, the modified adjusted gross income (MAGI) of single households should not be more than $75,000 and for married households, it should not be more than $1,50,000, and for the head of the family, it should not more than $1,12,500. For 2024 (taxes filed in 2025), CTC would be worth $2,000 if MAGI for married households should not be more than $4,00,000 and for other filers, it should be $2,00,000 or less.
$3,600 Child Tax Credit Latest News
$300 CTC is a monthly payment which was introduced as a Covid-19 aid package. Single and married households will get $3,600 CTC, provided they are entitled to the potential benefits. For instance, if a household has two children, they might receive up to the amount of $7,200. This is a temporary expansion, as, in 2022, the CTC returned to the pre-pandemic rate.
As per the recent news, if the expansion is approved, then the US government might make certain adjustments to the refundable portion of the program. There was an increment up to $1,800 from $1,600 for 2023. For the tax year 2024, it might be increased up to $1,9oo and for the tax year 2025, the payment amount of the potential benefit might be enhanced up to $2,000.
$3,600 Child Tax Credit Eligibility
To get the $3,600 CTC, beneficiaries have to meet certain entitlement parameters required to ensure that authentic individuals will receive potential benefits. Some of these parameters are as follows:
- The age of the dependent child should be either 17 or less than this.
- The child and the claimant should have been cohabitant for at least six months or more. However, in some cases, the residency of three months is considered.
- The claimant should be a permanent resident of America and also possess a valid social security number along with verified citizenship.
- The child should be related to the applicant as a nephew, son, daughter, stepchild, or grandchild.
These norms are designed by the government. Thus, the government can adjust these as per the circumstances. For more information, individuals should be updated on the authentic web portal of the US government.
$3,600 Child Tax Credit Payout Dates
The US government has introduced a temporary increment to the CTC to provide financial assistance to taxpayers so that they can cope with the pandemic. Half of the CTC is provided on the 15th of every month from July to December, and the other half is provided to households claiming their tax returns. However, the expanded CTC is not in function, thus, the payment amount will only be disbursed upon the filing of the tax returns.
The payment schedule for CTC benefits might be the 15th of August, 15th of September, 15th of October, 15th of November, and 15th of December 2024. As these are only anticipated payment dates, the government will soon announce the confirmed payment schedule. Beneficiaries should check out the official web pages of the US government on a regular basis, to not miss out on any updates.
All We Know
CTC offers significant financial aid to entitled households facing financial challenges. Individuals can claim CTC online through the US government’s leading portal. Provide all required information, submit the application and enclose the required documents for further verification. The payment will be made on approval of the application. Notably, claimants should provide accurate contact and banking information to avoid any errors and discrepancies.
For any query, individuals can contact the authorized representatives of the government and visit its official website. Furthermore, beneficiaries can frequently browse this web page to get upgraded information and read articles on CTC benefits.
