CTC Monthly Payments Schedule 2024 – IRS Payout Dates and Eligibility

Introduction:

The Child Tax Credit (CTC) is a valuable tax credit for eligible families with children. In 2021, the American Rescue Plan increased the credit amount and allowed for monthly payments to be distributed to eligible families. This article will outline the CTC monthly payments schedule for the year 2024, IRS payout dates, and eligibility requirements.

1. Monthly Payments Schedule:

Starting in 2021, the CTC payments were distributed on a monthly basis from July to December. The same pattern is expected to continue in 2024, with payments being made on the 15th of each month. Families can expect to receive their payments on the following dates: January 15, February 15, March 15, April 15, May 15, June 15, July 15, August 15, September 15, October 15, November 15, and December 15.

2. IRS Payout Dates:

The Internal Revenue Service (IRS) is responsible for distributing the CTC payments to eligible families. The payout dates are set in advance and families can plan accordingly. It is important to note that payments may be delayed if there are any issues with the taxpayer’s information or if there are changes to the eligibility requirements.

3. Eligibility Requirements:

To qualify for the Child Tax Credit, families must meet certain eligibility requirements. In 2024, eligible families must have a modified adjusted gross income (MAGI) of $75,000 or less for single filers, $112,500 or less for head of household filers, and $150,000 or less for married filing jointly filers. Additionally, families must have children under the age of 17 who meet the qualifying child criteria.

4. Conclusion:

The Child Tax Credit provides much-needed financial assistance to families with children. The monthly payments schedule for 2024 will follow a similar pattern to previous years, with payments being distributed on the 15th of each month. Families should be aware of the IRS payout dates and ensure they meet the eligibility requirements to receive the credit. By planning ahead and staying informed, families can make the most of this valuable tax credit.