A recent Facebook post claimed that starting in July 2024, the IRS would deposit $300 monthly for children under six and $250 for those aged six to seventeen. The post, which shows a screenshot of a supposed Google search result, has garnered significant attention and shares online.
“In 2024, the IRS will make a $300 direct deposit payout on the 15th of each month to those under six,” the post read.
“Those aged six to seventeen will receive $250 every month. CTC Monthly Payments 2024 from the IRS are expected to go into impact beginning on July 15, 2024, for all eligible individuals.”
Yet, this claim is a misrepresentation of a past program and is not based on current or forthcoming policies. The program in question was part of the American Rescue Plan, which provided advance child tax credit payments from July to December 2021.
These payments went to parents, not directly to children. There is no scheduled program for July 2024 that matches this description.
No new IRS initiative for 2024
According to tax experts and official IRS sources, there are no plans to start a new monthly child payment program in July 2024.
Presently, taxpayers with dependent children can receive a nonrefundable tax credit of up to $2,000 per qualifying child. Additionally, there is a refundable credit of up to $1,600 per child under the additional child tax credit.
President Joe Biden‘s 2025 budget proposal seeks to reintroduce the expanded child tax credit from 2021 and to allow for monthly payments. However, this proposal faces significant hurdles in the Republican-controlled House. The proposal is more indicative of the president’s priorities as he campaigns for re-election.
“The story of America is one of progress and resilience, of always moving forward and never giving up. It is a story unique among nations,” Biden wrote.
“We are the only nation that has emerged from every crisis we have entered stronger than we went in.”