According to a recent Facebook post, the IRS would begin depositing $300 monthly for children under the age of six and $250 monthly for kids between the ages of six and seventeen in July 2024.
With a screenshot of an alleged Google search result, the article has gone viral on the internet and received a lot of attention.
“In 2024, the IRS will make a $300 direct deposit payout on the 15th of each month to those under six,” as per the post.
“Those aged six to seventeen will receive $250 every month. CTC Monthly Payments 2024 from the IRS are expected to go into impact beginning on July 15, 2024, for all eligible individuals.”
However, this assertion is not supported by any current or upcoming rules and instead misrepresents a previous program. The aforementioned scheme was a component of the American Rescue Plan, which offered payments for the child tax credit in advance between July and December of 2021.
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Parents received these benefits; children did not. There isn’t a program that fits this criteria planned for July 2024.
Nothing new from the IRS in 2024
There are no plans to launch a new monthly child payment scheme in July 2024, according to tax specialists and official IRS sources.
Currently, taxpayers may claim a nonrefundable tax credit of up to $2,000 for each eligible kid who has dependents. Furthermore, under the supplementary child tax credit, there is a refundable benefit of up to $1,600 per child.
The goal of President Joe Biden’s 2025 budget proposal is to enable monthly payments and bring back the increased child tax credit from 2021. But in the Republican-controlled House, this initiative is going to encounter strong opposition. The president’s priorities during his reelection campaign are better reflected in the proposal.
