$3600 Child Tax Credit: Eligibility & Payout Dates for September & October 2024

$3600 Child Tax Credit: The Child Tax Credit (CTC) was the $3600 that has helped families in the United States to be able to have affordable care for their dependent children.

Here is everything you should know about the recent changes, including eligibility criteria and payout dates headed towards the years 2024.

$3600 Child Tax Credit 2024 Update

Background of the $3600 Child Tax Credit

The $3,600 Child Tax Credit is actually part of the enhanced CTC that was implemented for the tax year 2021 through the American Rescue Plan Act, aimed at easing families’s financial burdens aggravated by the COVID-19 crisis.

This expansion raised the Child Tax Credit amount to $3,600 per child under 5 years and $3,000 per child that is between 6 and 17 years.

For this, half of this amount was made in monthly installments at the end of 2021, and the other half was to be claimed from the tax return.

$1112 Stimulus Payment for September 2024

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$440 Monthly Increase in 2024?

$1312 Stimulus Check Payment September 2024

$2,000 Stimulus Checks

Current Status in 2024

Besides, starting from 2024, CTC increases back to its pre-pandemic level, so the child tax credit of $3,600 per year has been removed as in the calendar year 2021. Nonetheless, the CTC remains as a sizeable financial assistance plan and is still able to possibly receive alterations in the future in line with new enactments.

Latest Developments

Some proposals are about the CTC to be made partially refundable and this will enhance the refundable amount per child in the next couple of years.

For the tax year 2023, the amount that is refundable was raised to $1,800, with further enhancements expected in 2024 and 2025 that could mean up to $2,000 for each child.

Eligibility for the $3600 Child Tax Credit

The eligibility criteria to get the $3600 Child Tax Credit are as follows:

Age of the Child

• The child must be under the age of 17 at the end of the tax year.

Relationship to Claimant

• In this case, the child must be the biological child, or a stepchild or foster child of the claimant or a sibling, niece or nephew, or grandchild of the claimant.

Residency Requirements

• The child must have lived with the claimant for more than 6 months in the tax year. In some special cases, like temporary absence in the area of intended stay, one may qualify to stay for a lesser period.

Social Security Number

• The child must have a valid Social Security Number (SSN), and the claimant must be a U.S. citizen or resident, with a valid SSN or an individual taxpayer identification number (ITIN).

Income Limits

• The CTC begins to phase out for single filers with an adjusted gross income (AGI) above $200,000 and for married couples filing jointly with an AGI above $400,000. Higher-income households will see a reduced credit amount or may not qualify for the CTC at all.

Payout Dates for the $3600 Child Tax Credit

Historical Payout Structure

Families were given monthly pre-paid checks from July to December, with the rest of the credit reported in tax filings for 2021.

It can be a lifesaver for that is exactly what this payout structure has done to help provide immediate financial assistance during the pandemic.

Anticipated Dates for 2024

The IRS has not given the exact dates for the payment of the 2024 is $3600 Child Tax Credit yet. Though, since they have not been noted in previous years, payment is expected to happen on or around the 15th of each month, in the case that the advance payment structure is reintroduced. Potential dates could include:

• August 15, 2024
• September 15, 2024
• October 15, 2024
• November 15, 2024
• December 15, 2024

Should no advance payments be adopted, the full credit is expected to be obtained while filing taxes in the 2025 fiscal year.

How to Claim the $3600 Child Tax Credit

Filing Your Tax Return

To claim the $3600 Child Tax Credit, you must file a tax return with the IRS. The credit will either reduce the amount of tax you owe or increase your tax refund.

Make sure to attach all the papers that are necessary and check details like your SSN, your child’s SSN, etc.

Checking Eligibility and Filing Status

To verify your status and the progress of your tax return, you can go to the IRS website and find the general information or use specific tools. Find out how to file online to avoid delays and submit your banking details if you expect to get any refunds.

Avoiding Delays

In order not to lose time waiting for your CTC, please ensure that your tax return is well filled out and correct. Some of the things that may cause the delay of your refunds may include a mistake made on the return documents, missing information, or a difference in reporting of income.

The $3,600 Child Tax Credit was helpful during the pandemic, and even if the expanded version has gone down to lower amounts, it is still a valuable support for many families in the US.

Remaining knowledgeable on many aspects, which include eligibility, payout dates and how to claim it, will be very useful in the utilization of this financial help. Make sure to follow the changes from the IRS and government concerning the operation of 2024 CTC.

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