IRS to Provide Stimulus Payment for Children: According to a recent Facebook post, the IRS will deposit $300 each month for children under the age of six and $250 for those aged six to seventeen beginning in July 2024. The post has received substantial attention and shares on the internet, as it displays a screenshot of a purported Google search result.
“In 2024, the IRS will make a $300 direct deposit payout on the 15th of each month to those under six,” said the release. Six-to-17-year-olds will receive $250 each month. On July 15, 2024, the IRS will begin CTC Monthly Payments 2024 for all qualified persons.
However, this claim misrepresents a past program and is unsupported by current or future rules. The American Rescue Plan provided child tax credit advance payments from July to December 2021. These funds went to parents, not children. This description does not match any July 2024 program.
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There will be no new IRS initiative in 2024
There are currently no plans to implement a new monthly child payment program in July 2024, as per tax experts and official IRS sources.
At present, taxpayers with dependent children are eligible to receive a nonrefundable tax credit of up to $2,000 per qualifying child. Furthermore, the additional child tax credit provides a refundable credit of up to $1,600 per child.
The 2025 budget proposal of President Joe Biden aims to reinstate the expanded child tax credit from 2021 and to enable monthly payments. Nevertheless, this proposal is confronted with substantial obstacles in the Republican-controlled House. The proposition is more indicative of the president’s priorities as he campaigns for re-election.
“The narrative of America is one of perseverance and advancement, of perpetually progressing and never surrendering.” Biden wrote, “It is a narrative that is unparalleled among nations.” “We are the only nation that has emerged from every crisis we have entered stronger than we went in.”
