Get the latest facts and updates regarding the $3,600 Child Tax Credit 2024 Update Today: Latest News, Eligibility, and Payout Dates. Child Tax Credit (CTC) is provided by the US Government to individuals who do not earn sufficient to raise a child. It’s a border federal initiative the Government took to lift the financial burden of low wagers, including a $3,600 one-time relief check. This article will discuss the latest updates, eligibility, and payout dates of $3,600 CTC.
$3,600 Child Tax Credit 2024 Update Today
$3,600 CTC is provided to alleviate the financial burden caused by inflation and the Covid-19 pandemic. $3,600 is an expanded CTC for the tax year 2021. It is provided to households who have a dependent child, either of six or under six. Similarly, $3,000 is provided to families who have a dependent child between 6 and 17.
Along with the modified adjusted gross income, the new maximum tax credits are available to taxpayers. To avail of the new maximum tax credits, a single household’s modified adjusted gross income should be $75,000, a married household should be $1,50,000, and for the head of the household, it should be $1,12,500.
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$3,600 Child Tax Credit Latest News
$3,600 CTC is provided annually for the basic expenses of eligible single households and married families; the provided CTC is $7,200. The monthly CTC provided is $300. As per the reports, Congress expanded the CTC temporarily as a part of the Covid-19 aid package. However, in 2022, CTC returned to its pre-pandemic rate as the government did not expand it in 2022.
However, it would be partially refundable if the CTC expansion is approved. In tax year 2023, as per the new rules, the maximum refundable amount per child will be escalated from $1,600 to $1,800 per child. In the tax year 2024, the amount increased to $1,900, and in the tax year 2025, the amount increased to $2,000.
$3,600 Child Tax Credit Eligibility
To avail of the $3,600 Child Tax Credit, there are certain eligibility norms which a claimant has to meet. Some of them are mentioned below:
- To claim payment benefits, every dependent child of the family must be either 17 or below.
- The child must be related to the claimant. The child might be related to the claimant as a daughter, son, step-child, nephew, niece, or grandchild.
- The child must have resided with the applicant for more than six months. However, in certain exceptional cases, three months of residency might be considered.
- The applicant must be a resident of America with a valid Social Security Number.
It is important to note that the claimant’s gross income must not exceed a specific debit. If it exceeds, then the CTC starts to phase out. For single households, it started to phase out at income above $2,00,00 and for married families at income above $4,00,000. However, depending on future circumstances, the eligibility norms might be updated. Thus, viewers must be updated on the US government’s official web page.
$3,600 Child Tax Credit Payout Dates
The US Government enacted the America Rescue Plan, in which the government temporarily escalated the CTC to aid filers financially in coping with the pandemic. At that time, the CTC was worth up to $3,600. Half of the 2021 expanded CTC payment was sent on the 15th of every month from July to December, and the other half of the credit was sent to the families who claimed their tax returns. As of now, the expanded CTC is no longer in function, so the payment will only be made upon filing the tax returns.
The official 2024 $3,600 CTC dates are yet to be announced by the IRS. However, as per the previous year’s payment dates, it can be anticipated that the payment might be made on the 15th of each month, such as 15 August, 15 September, 15 October, 15 November, and 15 December 2024.
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All We Know
CTC provides significant financial aid for families facing economic hardships. To claim the CTC payment, the applicant can fill out the application online through the IRS official website and attach the required documents for document verification. The claimants will be notified regarding the acknowledgement and denial of the application.
The tax return payment is issued by the IRS within 21 days. However, if an applicant files a paper return, then the claimant has to experience a delay in funding, even if it might be possible that the letter is still under wrap. Apart from this, if any error is detected, the payment will be delayed too. In such cases, the claimant can contact the IRS.
The $3,600 CTC is part of the economic assistance provided to needy households. Readers are requested to keep an eye on the official IRS web portal and frequently visit this website for further details.
