$4000 New Child Tax Credit Direct Payment: Check Your Eligibility & Deposit Dates

Eligible U.S. families will receive a new $4,000 Child Tax Credit payment starting October 30, 2024, for children under 18 years old. Monthly payments begin on the 15th.

Written byPraveen Singh

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$4000 New Child Tax Credit Direct Payment: The Democratic governor of Wisconsin, Tony Evers has finally announced the $4000 New Child Tax Credit Direct Payment. The governor wanted to improve the Child Tax Credit plan by almost doubling the contribution made towards the beneficiary, which will match 100% of the federal tax credit, and increasing the eligible expenses at maximum.

Beneficiaries will receive the amount directly into their bank accounts. The beneficiaries will now get $4000 as CTC. People have also been warned that childcare expenses will become more expensive due to inflation.

$4000 New Child Tax Credit Direct Payment

The Democratic governor has proceeded further towards his objective to ease the financial problem of the families who are facing childcare bill issues. The Democratic governor has decided to extend the state’s child and dependent care tax credit. The new bill highlights the requirement of long-term solution which consists of direct support for providers.

Along with it, reflects a better strategy to tackle childcare costs by increasing the eligible expenses and matching 100% of the federal tax credit which leads to a double in the contribution of the state.

$4000 New Child Tax Credit Direct Payment: Check Your Eligibility & Deposit Dates

www.irs.gov $4000 New Child Tax Credit Direct Payment: Highlights

Name of the ProgramChild Tax Credit
BeneficiariesFamilies with children under 17
ProvidersInternal Revenue Service
Official Web Portalhttps://www.irs.gov

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What is the Child Tax Credit (CTC)?

The IRS Child Tax Credit program is one of the most powerful tools in the nation which provides millions of families some amount of relaxation while raising their children. It is not unknown that raising a child has become way more expensive than we thought. Child Tax Credit is going to help families in need. It is believed that CTC has also helped reduce the child poverty rate. Currently, the CTC offers upto $2,000 per child to around 40 million families per year.

The American Rescue Plan has made an expansion to the CTC. The authority delivered the whole amount of the CTC to every family in need. The CTC was issued in monthly payments through direct deposit. The payment is made on the same day of each month. The government provided more support to children at a younger age. Through the CTC, around 60 million children got help. The expansion of the Child Tax Credit has a huge impact on child poverty. Child poverty was reduced to half through the support. 

IRS Child Tax Credit Eligibility Criteria

In the following section, we will discuss the eligibility criteria that must be fulfilled if the candidates want to get the program’s benefits. Here are the eligibility conditions:

  • The age of the child should be below 17 years old till the end of the respective year.
  • One can apply for the program if they have a daughter, stepchild, son, sister, brother, eligible foster child, stepsister, half-brother, stepbrother, half-sister or a descendent of them such as a grandchild, niece/ nephew.
  • Offer not more than half of their financial support during the respective year.
  • The child must have lived with you for more than at least half a year.
  • Under the beneficiary’s tax return, the child must have been properly claimed. 
  • Eligible individuals must not have filed a joint return with their partner for the respective tax year. They must have filed it to get a refund of the withheld income tax or expected tax paid.
  • Interested ones should be citizens, nationals or resident aliens of the United States.

Candidates will become qualified and get the full amount of the Child Tax Credit for each eligible child if they fulfill the mentioned eligibility conditions and the annual income of the family is $200,000 or less ($400,000 if filing a joint return).

$4000 New Child Tax Credit Direct Payment Deposit Dates

Candidates who have filed their tax returns and applied for Child Tax Credit are now waiting for the announcement of the CTC Payment Deposit Dates. The beneficiaries will be receiving the payment directly into their bank account. The monthly payment for the CTC is made on the 15th of each month. So, the next payment date is 15th May 2024.

As per the available reports, it is expected that the government officials will transfer the whole amount into the beneficiaries’ account by 30th October 2024. In case, any family did not receive the amount, they must wait for at least two to three days for the amount to reflect in their accounts. If the amount still is not credited, one should contact the concerned authority and ask for guidance.

Frequently Asked Questions

How to claim the $4000 New Child Tax Credit?
Interested candidates can get benefits of the Child Tax Credit by entering their children or dependents on Form 1040 and US Individual Income Tax Return. Along with it, they must attach the complete Schedule 8812, Credits from the children and other dependents.

What to do if the officials deny the claim for the IRS New Child Tax Credit?
If the authority declines the claims for the New Child Tax Credit, applicants will have to pay back the claim along with the interest. After that, they will have to file Form 8862 when they claim the credit again.

What other credits are we eligible for if we qualify the New CTC?
Applicants might also be eligible for the credits mentioned below if they qualify for the Child Tax Credit: Child and Dependent Care Credit, Earned Income Tax Credit, Adoption Credits, Adoption Assistance Programs, and Education credits.

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