The Full Truth About the IRS $300 Child Tax Credit Direct Deposit – Will It Continue?

On June 9, 2024, a Facebook post began to spread massively among users, eventually going viral on social networks. This post stated that starting in July, families with children would receive a monthly direct deposit of $300 as a form of Child Tax Credit from the IRS.

“In 2024, the IRS will make a direct deposit payment of $300 on the 15th of each month, to children under the age of six,’ the post stated. ‘Those between the ages of six and 17 will receive $250 each month. The IRS’s monthly CTC 2024 payments are expected to begin on July 15, 2024, for eligible individuals”.

This announcement is not true, as it incorrectly uses data from the American Rescue Plan, which provided advance payments of the child tax credit to parents – not children – from July to December 2021. This program was part of the support for citizens hit by COVID-19, therefore the program did not continue.

Is there an IRS child tax credit?

The false Facebook post began to gain traction because the 2025 budget proposed by President Joe Biden allocates resources to restore the child tax credit starting in 2021, allowing families to receive tax credits through monthly payments. But this is unlikely to happen, as the proposal must be approved by the House, which is controlled by Republicans.

The House of Representatives passed a bill in January to increase the refundable child tax credit, but it was never put to a vote in the Senate.

ADVERTISEMENT

Note: Thank you for visiting our website! We strive to keep you informed with the latest updates based on expected timelines, although please note that we are not affiliated with any official bodies. Our team is committed to ensuring accuracy and transparency in our reporting, verifying all information before publication. We aim to bring you reliable news, and if you have any questions or concerns about our content, feel free to reach out to us via email. We appreciate your trust and support!

See also  Social Security Changes Under the Trump Administration – Here’s What Retirees Can Expect Starting in 2025

Chiefs focus

ChiefsFocus is a dedicated news writer with extensive experience in covering news across the United States. With a passion for storytelling and a commitment to journalistic integrity, ChiefsFocus delivers accurate and engaging content that informs and resonates with readers, keeping them updated on the latest developments nationwide.

More From Author

Social Security confirms that there will be no payments this week – Government makes it official

Uber Driver Pepper-Sprayed in California Incident Investigated as Hate Crime

Uber Driver Pepper-Sprayed in California Incident Investigated as Hate Crime

Leave a Reply

Your email address will not be published. Required fields are marked *