CTC Payments 2024 | Income Limit | Eligibility | Payment Schedule

The name IRS TREAS 310 will be displayed alongside the CHILDCTC label on the CTC payment 2024. The IRS’s goal is to help low-income families out financially, and in 2024, they want to do so by directing $300 to families’ bank accounts on the 15th of every month.

Some of the states that are taking the lead in providing more child tax credits to qualified families are Wisconsin, Minnesota, and California. About 300,000 Minnesotans will benefit from the state’s estimated average child tax credit amount of about $1,200.

When is the child tax credit due in 2024?

Tax returns for 2024 made under the Child Tax Credit 2023

If your modified adjusted gross income is $200,000 or below (all other filers) or $400,000 or below (married filing jointly), you will be eligible for the $2,000 child tax credit for each qualifying dependent child in 2023. You can get up to $1,600 back, which is called the supplementary child tax credit.

Your credit will be lowered by $50 for every $1,000 that your MAGI exceeds the limits mentioned above.

Tax returns for 2024 (including child credits)

The child tax credit for the 2024 tax year is $2,000 per qualified kid, with an additional $1,700 that could be recoverable through the supplementary child tax credit. This information is valid for tax returns filed in 2025.

States that has CTC Approved

1. New Mexico

Tax credits in New Mexico can range from $25 to $600 per qualifying child, depending on the family’s income level, while in New York the credit is expanded to cover children younger than 4 and can be either $100 per qualifying child or 33% of the federal child tax credit plus the federal additional child tax credit.

2. Oregon

Families in Oregon can get $1,000 for every kid under the age of five, while households in Oklahoma can get 5% of the federal child tax credit if their income is less than $100,000. Children in Utah can receive up to $1,000 per year from the state’s child welfare program, with the amount dropping if home income reaches certain levels.

3. Arizona

Dependents under the age of 17 are eligible for a nonrefundable $100 credit in Arizona, while those above the age of 17 can earn an additional $25. Families in California with incomes below $25,000 are eligible for a $1,000 tax credit for children under the age of 6, while families with incomes between $25,000 and $30,000 are eligible for a reduced benefit.

4. Colorado

Families in Colorado can get up to $1,200 for every eligible kid under the age of 6 if their income is $75,000 or less ($85,000 for married taxpayers filing jointly). Meanwhile, families in Idaho can get $205 for every qualifying child under the age of 16 under the state’s nonrefundable child tax credit program.

5. Maine

The dependent exemption tax credit in Maine allows taxpayers to claim $300 for each eligible child and dependent, just like the federal child tax credit. For every qualifying kid under the age of seventeen, Maryland residents with annual incomes of $6,000 or less are eligible for a $500 refundable tax credit.

6. Massachusetts

Dependents must be younger than 12 years old to qualify for the Massachusetts program, which offers $180 for one dependent or $360 for multiple dependents to qualified families. In a similar vein, New Jersey households with annual incomes of $30,000 or less are eligible for a $500 tax credit for every kid younger than six.

7. Vermont

The new law offers $1,000 to Vermont households with less than $125,000 in income for each kid under the age of 5, and it provides $2,000 to $3,500 for one qualifying dependant and $4,000 to $7,000 for two or more qualifying dependents in Wisconsin.

8. California

California is offering families a fully refundable one-time tax credit worth up to $3,600 per qualifying child in 2024, along with an additional young child tax credit for children under 6 years old.

Eligibility

Age:

By the end of 2023, your child must have been younger than 17 years old.

Financial support:

You are required to have contributed half or more to the child’s support in the past year. That is to say, it is quite unlikely that your eligible child will be regarded qualified if they have been financially self-sufficient for longer than six months.

Citizenship:

Your child’s Social Security number and status as a “U.S. citizen, U.S. national or U.S. resident alien” are two requirements imposed by the Internal Revenue Service.

Relationship:

You must be the biological parent of the kid you are claiming, or a direct descendant of one of these categories (such as a niece, nephew, grandchild, or stepchild).

Dependent status:

You need to have the legal right to claim the kid as a dependent. Unless the minor is claiming a refund for income taxes withheld or anticipated taxes paid, they are also not allowed to submit a joint return.

Residency:

With a few exceptions, the child you’re trying to claim must have spent half of the year in your care.

Income:

The income limits for parents or caregivers claiming the credit are usually quite low as well. The credit is gradually lowered or withdrawn depending on the amount your income surpasses that threshold.