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.