Child Tax Credit Payment Timeline: In the United States, eligible taxpayers with qualifying dependent children under the age of 17 are eligible to receive the Child Tax Credit (CTC). However, how does the CTC function and when do you expect to receive your payment?
Eligible taxpayers may claim a credit on their federal income tax return of up to $2,000 per qualified child to benefit from the CTC. Taxpayers may be entitled to a refund if they receive a credit that exceeds their tax liability because the credit is partially refundable.
For the Child Tax Credit (CTC), the child must meet specific standards. Individuals must be under 17 at the end of the tax year, a resident alien, a US citizen or national, and dependent on the taxpayer’s return.
Use Form 1040 or 1040-SR to claim the CTC on your federal income tax return. You must provide the Social Security numbers of each qualified child, your filing status, income, and other information to calculate the credit.
Moreover, some taxpayers may be eligible for the “additional child tax credit” (ACTC), which reimburses a portion of the credit.
Child Tax Credit 2024: Which States Are Making Payments This Year?
When do you think you will receive payment?
To date in 2023–24, taxpayers who filed their forms on time have received tax credits, refunds, and returns totaling over $115 billion from the Internal Revenue Service (IRS).
It is illegal for the IRS to release tax credits before the middle of February. On February 27, however, the government notified taxpayers who had direct deposits that tax credits would be accessible.
Worried claimants can use the Where’s My Refund function on the IRS website to locate their credits. We update users on their progress and inform them if we deny their claims because of too many errors.
Child Tax Credit 2024: Anticipate the Arrival of Your Tax Refund
