$0 Expected: No Monthly Child Tax Credit Payments in 2024: IRS Clarifies the Future

No Monthly Child Tax Credit Payments in 2024 – Fact-Checking a Viral Facebook Claim

Viral Claim of Monthly Child Tax Credit Payments in 2024 – Get the Facts Straight from the IRS

A viral Facebook post has sparked confusion and excitement by claiming that the IRS will resume monthly payments for children starting in July 2024. According to the report by MARCA, the post suggests that children under six will receive $300 monthly while those aged six to seventeen will get $250. It is not accurate and misrepresents a past program despite the buzz this claim has generated. The confusion stems from the Child Tax Credit (CTC) expansion that was part of the American Rescue Plan in 2021. This plan provided advance monthly payments from July to December 2021 to parents and not directly to children. These payments were $300 per month for children under six and $250 for children aged six to seventeen. However, this program ended in December 2021 and there are no current plans to reinstate it in 2024.

There is no new effort scheduled for July 2024 that would give children monthly payments, according to tax specialists and official IRS sources. The IRS provides a nonrefundable tax credit of up to $2,000 for each eligible kid. The additional child tax credit also offers a refundable credit of up to $1,600 per kid. The budget plan for 2025 that President Joe Biden has proposed includes the notion of restoring the enlarged child tax credit. This proposal aims to bring back the more generous child tax credit in 2021 and include monthly payments. However, this proposal faces significant opposition in the Republican-controlled House which makes its implementation uncertain. The proposal reflects the president’s priorities and vision as he campaigns for re-election and emphasizing progress and resilience as core American values.

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$0 Expected: No Monthly Child Tax Credit Payments in 2024: IRS Clarifies the Future (PHOTO: Security National Bank of South Dakota)

Clarifying Misinformation on the IRS‘s 2021 American Rescue Plan

Overall, the claim circulating on social media about new monthly child payments starting in July 2024 is unfounded. It is a misrepresentation of the 2021 American Rescue Plan‘s provisions. Parents should not expect any new monthly payments from the IRS this year. They can continue to benefit from existing tax credits for their dependent children instead. Any potential changes to the child tax credit will depend on future legislative developments and political negotiations as political discussions continue.

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