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Recent social media claims about the IRS distributing monthly payments to children starting in July 2024 are false.
Debunking the Misleading Claim: IRS Will Not Distribute Monthly Payments to Children in 2024
Recent social media posts are incorrectly claiming that starting in July 2024, the IRS will distribute $300 a month for children under six and $250 a month for those aged six to seventeen. This confusion stems from mixing up with the Child Tax Credit program from the American Rescue Plan which was in effect from July to December 2021 and provided financial assistance to parents not directly to children.
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(photo: HomeAtlasTHS)
No new Child Tax Credit program is set to begin in July 2024
No new Child Tax Credit program is set to begin in July 2024. Although President Biden has proposed reintroducing the expanded Child Tax Credit with monthly payments in his 2025 budget, this proposal is facing strong opposition from the Republican-controlled House making its approval unlikely.
Currently, families can receive up to $2,000 per child in tax credits and an additional refundable credit of up to $1,600 per child. Recent attempts to increase this refundable credit have stalled in the Senate, according to the report of Marca.
It’s crucial to verify such claims with reliable sources as there are no plans for a new Child Tax Credit program in 2024.
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