The American Rescue Plan has brought about significant financial relief for many Americans during these challenging times.
One of the key provisions of the plan is the Child Tax Credit (CTC), which will see eligible families receive $4600 per child, along with an additional $2400 per person payment.
In this article, we will explore the eligibility criteria for these payments and provide the latest update for July 2024.
1. Child Tax Credit (CTC)
The American Rescue Plan has increased the Child Tax Credit from $2000 to $4600 per child for the 2024 tax year.
This means that eligible families can receive a significant amount of money to help support their children.
Families will receive half of the credit in monthly payments starting in July 2024, with the remaining half being claimed when they file their 2024 tax return.
2. $2400 Per Person Payment
In addition to the Child Tax Credit, eligible individuals will also receive a $2400 per person payment as part of the American Rescue Plan.
This payment is meant to provide financial assistance to individuals who may be struggling due to the economic impact of the pandemic.
Those who are eligible for the payment will receive it in a lump sum directly to their bank account.
3. Eligibility Criteria
To be eligible for the Child Tax Credit and the $2400 per person payment, individuals must meet certain criteria.
This includes having a valid Social Security number, being a U.S. citizen or resident alien, and meeting certain income thresholds.
Families must also have children under the age of 17 to qualify for the Child Tax Credit.
4. Latest Update for July 2024
As of July 2024, the payments for the Child Tax Credit and the $2400 per person payment are set to be distributed to eligible individuals and families.
The payments will be made through direct deposit or by check, depending on the preference of the recipient.
It is important for those who are eligible to ensure that their information is up to date with the IRS to ensure timely receipt of the payments.
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5. Conclusion
The American Rescue Plan has provided much-needed financial relief to many Americans, with the Child Tax Credit and the $2400 per person payment being key components of the plan.
Eligible individuals and families can expect to receive these payments starting in July 2024. It is important for those who are eligible to ensure that they meet the criteria and have their information up to date with the IRS to receive these payments in a timely manner.
The payments serve as a lifeline for many during these challenging times and are meant to provide support to those who need it most.