A Facebook post from June 9 claims that children will receive hundreds of dollars monthly from a federal agency in the form of Child Tax Credit starting this month. This post quickly gained traction, with dozens of shares in just over a week, and similar claims have spread across Facebook and Threads.
“In 2024, the IRS will make a $300 direct deposit payout on the 15th of each month to those under six,” reads the post. “Those aged six to seventeen will receive $250 every month. CTC Monthly Payments 2024 from the IRS are expected to go into effect beginning on July 15, 2024, for all eligible individuals.”
The Reality Behind the Claim
However, this claim is incorrect. It misrepresents a program from the American Rescue Plan, which provided advance child tax credit payments to parents, not children, from July to December 2021. According to tax experts and the IRS, no such program is scheduled to begin in July 2024.
President Joe Biden’s proposed 2025 budget aims to reinstate the expanded child tax credit of 2021 and to allow families to receive their tax credits through monthly payments. However, this proposal is unlikely to pass in the Republican-controlled House.
The Original Program
The original program provided up to $300 per month for children under 6 and up to $250 per month for children aged 6 to 17, with payments directed to parents. The program ended in December 2021, and there is no indication of its revival.
Current Status
Although the House passed a bill in January to increase the refundable child tax credit, it did not progress to a Senate vote. Currently, taxpayers with dependent children can claim a nonrefundable tax credit of up to $2,000 per qualifying child, which reduces their tax liability. There is also a refundable credit of up to $1,600 per child available under the additional child tax credit.
Conclusion
The claim of a $300 monthly payment starting today is unfounded. No new Child Tax Credit program has been initiated for 2024, and families should not expect these payments. Always verify such claims with reliable sources or official announcements.