Up to $300 Per Child! Here’s How to Claim Your Monthly Stimulus in 2024

Don’t Miss Out! Claim Up to $300 Per Child Monthly Stimulus in 2024 – Here’s How

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Millions of families across the U.S. are receiving up to $300 per child each month in 2024, thanks to the expanded Child Tax Credit (CTC) program under the American Rescue Plan. These payments are helping households manage rising costs, providing crucial financial relief for parents with children under 18. Here’s how to check your eligibility, when payments will arrive, and what you need to do to claim yours.

Who Qualifies for the $300 Payments?

Eligibility for these payments is based on income and the number of qualifying children in your household:

  • Income Limits:
    • Single filers earning up to $75,000.
    • Head of household filers earning up to $112,500.
    • Married couples filing jointly earning up to $150,000.
      Payments are reduced for those earning above these limits.
  • Qualifying Children:
    • Children under 6 years old qualify for $300 per month.
    • Children aged 6 to 17 qualify for $250 per month.
    • Dependents must have a valid Social Security Number and live with the taxpayer for at least six months of the year.

When Are Payments Sent?

  • Payments are distributed monthly on the 15th of each month.
  • If the 15th falls on a weekend or holiday, payments will arrive the prior business day.
  • Payments are issued via direct deposit, paper check, or prepaid debit card, depending on your filing information.

How to Claim the Payments

  1. File Your Taxes: Ensure your 2023 tax return is submitted, as the IRS uses this data to calculate your eligibility and payment amounts.
  2. Update Your Information: Use the IRS Child Tax Credit Update Portal to report changes in income, marital status, or dependents.
  3. Non-Filers: Submit a simplified tax return through the IRS to enroll in the program.

Additional Details

  • Split Payments: Monthly payments represent half of the total credit. The remainder can be claimed when filing your 2024 tax return.
  • Opt-Out Option: Families who prefer a lump sum payment can opt out of monthly payments through the IRS portal.

Why This Matters

The expanded Child Tax Credit has been a lifeline for millions, helping families cover essentials like housing, childcare, and groceries. It’s part of an effort to provide long-term financial stability for American households.

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