Stimulus Payment for Kids: In July 2024, the IRS would start depositing $300 monthly for children under the age of six and $250 monthly for those between the ages of six and seventeen, according to a recent Facebook post. With a screenshot of an alleged Google search result, the post has gone viral on the internet and received a lot of attention.
“In 2024, the IRS will make a $300 direct deposit payout on the 15th of each month to those under six,” the post stated.
Sixteen- to seventeen-year-olds will receive $250 per month. The IRS’s CTC Monthly Payments 2024 are anticipated to take effect for all qualified individuals starting on July 15, 2024.
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However, this claim is unsupported by any recent or upcoming policies and instead misrepresents a previous program. The aforementioned program was a component of the American Rescue Plan, which offered payments for the child tax credit in advance between July and December of 2021.
Parents received these payments; children did not. There isn’t a program that fits this description planned for July 2024.
2024 will see no new IRS initiatives
Official IRS sources and tax experts both state that there are no plans to launch a new monthly child payment program in July 2024.
A nonrefundable tax credit of up to $2,000 is currently available to taxpayers with dependent children for each qualifying child. The additional child tax credit also offers a refundable credit of up to $1,600 per child.
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The 2025 budget proposal from President Joe Biden aims to reinstate the increased child tax credit from 2021 and enable monthly payments. But there are a lot of obstacles for this proposal in the Republican-controlled House. The proposal better reflects the president’s priorities going into his reelection campaign.
“The narrative of America is one of advancement and tenacity, of never giving up and always pushing ahead. It’s a tale unmatched by any other country,” Biden wrote.
“We are the only nation that has emerged from every crisis we have entered stronger than we went in.”
