In 2024, the IRS will offer direct deposit payments of up to $300 per month to eligible families with children under the Child Tax Credit (CTC) program. This program is an extension of the American Rescue Plan and is designed to help families across the U.S. by providing financial support during times of increasing living expenses. Here’s a breakdown of who qualifies, when payments will be made, and what you need to do to make sure you receive your monthly payments.
What is the $300 Monthly Direct Deposit?
The $300 monthly payment is part of the Child Tax Credit (CTC) program. Families with children under six will get $300 each month, and families with children aged 6 to 17 will get $250 each month.
These payments will be automatically deposited into eligible bank accounts on the 15th of each month, beginning in July 2024.
Eligibility Criteria
To qualify for the $300 monthly direct deposit in 2024, families need to meet these requirements:
- Child’s Age: The child must be under 17 years old by the end of the tax year.
- Income Limits: Single filers must have an annual income of $75,000 or less. For heads of household, the limit is $112,500, and for married couples filing jointly, it’s $150,000.
- Citizenship: The child must be a U.S. citizen or resident with a valid Social Security number.
- Dependent Status: The child must be claimed as a dependent on the taxpayer’s return.
How to Apply
If you haven’t filed your tax return yet, here’s what you need to do:
- File Your 2023 Tax Return: Make sure to submit it by April 15, 2024. If you get an extension, you have until October 15, 2024.
- Fill Out Schedule 8812: This form is needed to claim the credit for your eligible children.
- Update Your Details: Use the IRS Child Tax Credit Update Portal to check or change your banking information to make sure payments go smoothly.
Payment Schedule
The IRS has set the 15th of each month as the day for sending out $300 direct deposits. These payments will keep coming every month until December 2024, giving steady financial help throughout the year.
Summary of IRS $300 Monthly Direct Deposit
| Criteria | Details |
|---|---|
| Monthly Payment | $300 for children under 6, $250 for children 6-17 |
| Payment Date | 15th of every month |
| Income Limits | $75,000 (Single), $112,500 (HOH), $150,000 (Joint) |
| Eligibility | Child under 17, U.S. citizen, valid SSN |
| Application Deadline | April 15, 2024 (or October 15, 2024 with extension) |
Conclusion
The IRS is offering $300 monthly direct deposits to help families across the U.S. in 2024. To benefit from this program, make sure you know the eligibility requirements and keep your information current.
Stay aware and take action to receive these payments and support your family’s finances.
What is the $300 Monthly Direct Deposit?
It’s a payment from the Child Tax Credit (CTC) program, offering $300 per month for families with children under 6 and $250 for those with children aged 6 to 17, starting July 15, 2024.
How do I qualify?
You need to have a child under 17, meet income limits ($75,000 for singles, $112,500 for heads of household, $150,000 for married couples), and file a tax return.
How do I apply?
File your 2023 tax return by April 15, 2024, or October 15 with an extension, complete Schedule 8812, and update your details via the IRS Child Tax Credit Update Portal.
When will payments be made?
Payments will be made on the 15th of each month from July to December 2024.