IRS Tax Credit Schedule 2024: Check Tax Credit Dates for June & December

By Amit Tiwari

Published on:

In the United States, wage earners and self-employed individuals are required to pay various taxes.

The federal government, in collaboration with the Internal Revenue Service (IRS), offers tax returns to eligible low-income citizens according to the IRS Tax Credit Schedule 2024.

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One such benefit is the Child Tax Credit (CTC), which provides additional financial support to taxpayers with children. However, for the year 2024, there hasn’t been any official update regarding this, according to our research and fact-checking.

Officials are still in the midst of discussions about potential changes, but no decisions have been finalized yet. Consequently, the tax break remained the same as taxpayers rushed to submit their returns by the April 15 deadline.

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Taxpayers with children under 17 were eligible to claim up to $2,000 for each qualifying dependent, with a refundable amount of up to $1,600, depending on their eligibility under the IRS Tax Credit Eligibility 2024 guidelines.

The IRS continuously updates information about the Child Tax Credits (CTC) on their official website, www.irs.gov.

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IRS Tax Credit Schedule 2024

People around the world are striving to maintain their livelihoods and responsibly meeting their tax obligations to the U.S. federal government and the IRS.

While paying taxes is essential for everyone, taxpayers in the United States who have children are regularly offered tax returns.

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One of the most important tax refunds provided by the federal government is the Child Tax Credit (CTC), which offers significant financial relief to families.

According to our fact checks, IRS officials have been deliberating on the disbursement of these tax credits. Children under 17 living in the United States are eligible, allowing their parents to regularly receive the Child Tax Credit (CTC) as outlined in the IRS Tax Credit Schedule for 2024.

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The IRS continuously updates information about tax credits, eligibility, payment dates, and more on their official website, www.irs.gov.

What Is Child Tax Credit In 2024

The current Child Tax Credit is a non-refundable credit available to taxpayers with children under 17. This credit can directly lower your tax bill. Additionally, some may qualify for a partial refund of this credit through the “Additional Child Tax Credit.”

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To be eligible, both taxpayers and their children must meet specific criteria, including the child’s age and their relationship to the taxpayer.

Income requirements also apply, as the credit phases out for higher earners. If your adjusted gross income exceeds the set threshold for your filing status, the credit may be reduced or you might become ineligible.

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IRS Tax Credit Payment 2024

Program NameIRS Tax Credit Payment 2024

Organization Internal Revenue Service 

Tax Credit NameChild Tax Credit 

Next Payment Schedule 
15 July 2024

Age Limit
17 Years 

Post Type
Finance
Official Websitewww.irs.gov 

IRS Tax Credit Eligibility 2024

Taxpayers can avail the child tax credit once they have successfully filed their annual tax returns.

To be eligible, both the taxpayer and the dependent child need to satisfy seven distinct criteria: age, relationship, dependency status, residency, financial support, citizenship, and income. Kindly check the IRS Tax Credit Eligibility 2024 in the following points.

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  • The child’s age must be under 17 years.
  • The CTC can be claimed on the behalf of your son, daughter, brother, sister, stepchild, foster child, half brother, half sister, grandchild, nephew or niece.
  • You are eligible to receive the benefit only if your child relies on you financially.
  • The child who is eligible for the benefits must be a lawful resident of the United States of America.

IRS Tax Credit Payment Schedule 2024

The IRS issues Child Tax Credit (CTC) benefits on the 15th of each month throughout the year. If the 15th falls on a holiday, the federal government and the IRS will release the payments a day earlier. Below, we’ve included a table based on the IRS Tax Credit Payment Schedule 2024, outlining the expected payment dates.

Months
IRS Tax Credit Payment Schedule 2024

June
14th June 2024

July
15 July 2024

August
15 August 2024

September
15 September 2024

October 
15 October 2024

November15 November 2024

December15 December 2024

IRS Tax Credit Schedule 2024 Facts & Updates 

The bipartisan Tax Relief for American Families and Workers Act of 2024, which aims to adjust the Child Tax Credit, was approved by the U.S. House of Representatives on January 31st.

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However, it has faced delays in the Senate for several months, making the bill’s future uncertain. If passed in its current form, the bill would temporarily extend significant benefits to low-income households and individuals who often don’t fully benefit from this tax credit.

Please note that the Tax Credit Schedule mentioned above is for reference and may change based on your tax filing and income.

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During the previous tax filing period, the child tax credit refund was capped at $1,600 per dependent. For the tax years 2024 and 2025, this limit would increase to $1,900 and $2,000, respectively.

The current $2,000 Child Tax Credit per qualifying child would be adjusted for inflation in these tax years. According to Eric Bronnenkant, a CPA and head of tax at Betterment in New York, this adjustment could lead to an annual increase of around $100 in the credit.

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Starting this year and continuing through 2025, parents and caregivers can calculate their total Child Tax Credit based on the number of children they have. To be eligible for the refundable portion of the credit, taxpayers must have an income of at least $2,500.

For the tax years 2024 and 2025 (with taxes filed in 2025 and 2026), taxpayers can choose to use either their current year’s income or the previous year’s income to meet this requirement.

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This flexibility is particularly crucial for low-income families who might not otherwise qualify if their earnings are too low in a given year.

FAQs

Who is required to pay taxes in the United States?

Wage earners and self-employed individuals are required to pay various taxes in the United States.

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What is the Child Tax Credit (CTC) and who can claim it?

The Child Tax Credit is a tax benefit providing additional financial support to taxpayers with children under 17. Eligible taxpayers can claim up to $2,000 per qualifying child, with a refundable amount up to $1,600.

What is the IRS Tax Credit Payment Schedule for 2024?

The IRS issues Child Tax Credit payments on the 15th of each month. If the 15th is a holiday, payments are released a day earlier.

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How can I check updates and eligibility for the Child Tax Credit?

Updates, eligibility criteria, and payment dates for the Child Tax Credit can be found on the IRS’s official website, www.irs.gov.

What are the income requirements for the Child Tax Credit in 2024?

Taxpayers must have an income of at least $2,500 to be eligible for the refundable portion of the credit. The credit phases out for higher earners based on their adjusted gross income.

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Amit Tiwari

An up-and-coming tax attorney passionate about educating readers on tax planning and mitigation strategies. Amit's articles offer practical advice and actionable tips to help individuals and businesses navigate the intricacies of tax law with confidence


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