$300 Monthly Direct Deposit: In 2024, the Internal Revenue Service (IRS) is set to provide a significant financial boost to eligible families with children. The Child Tax Credit (CTC) program will offer monthly direct deposit payments of up to $300 per month. This initiative aims to provide much-needed relief during challenging economic times.
To ensure you receive your monthly payments, it’s essential to understand the eligibility requirements, payment schedule, and necessary steps to take.
Understanding the $300 Monthly Direct Deposit
The $300 monthly direct deposit is a component of the IRS’s Child Tax Credit (CTC) program. This initiative aims to provide financial assistance to families with children.
- Payment Amounts: Families with children under six years old will receive $300 per month, while those with children aged 6 to 17 will receive $250 per month.
- Payment Frequency: These payments will be automatically deposited into eligible individuals’ bank accounts on the 15th of each month, starting in July 2024.
Summary of IRS $300 Monthly Direct Deposit
| Criteria | Details |
| Monthly Payment | $300 for children under 6, $250 for children 6-17 |
| Payment Date | 15th of every month |
| Income Limits | $75,000 (Single), $112,500 (HOH), $150,000 (Joint) |
| Eligibility | Child under 17, U.S. citizen, valid SSN |
| Application Deadline | April 15, 2024 (or October 15, 2024 with extension) |
Eligibility Criteria for the $300 Monthly Direct Deposit
To qualify for the $300 monthly direct deposit in 2024, families must meet the following criteria:
- Child’s Age: The child must be under 17 years old by the end of the tax year.
- Income Limits: For single filers, the annual income must not exceed $75,000. For heads of household, the limit is $112,500, and for married couples filing jointly, the limit is $150,000.
- Citizenship: The child must be a U.S. citizen or resident with a valid Social Security number.
- Dependent Status: The child must be claimed as a dependent on the taxpayer’s return.
How to Apply for the $300 Monthly Direct Deposit
If you haven’t already filed your tax return, you need to:
- File Your 2023 Tax Return: Ensure you file by April 15, 2024, or by October 15, 2024, with an extension.
- Complete Schedule 8812: This form is required to claim the credit for qualifying children.
- Update Your Information: Use the IRS Child Tax Credit Update Portal to confirm or update your banking details to ensure smooth payments.
IRS debunks the $300 CTC viral claim
According to a Facebook post made in June 2024, starting in July, children under the age of six will get $300 monthly, while those six and younger will receive $250. It was shared more than 100 times in just a week, and it was also shared on several social media platforms. But the fact is, it is totally untrue since it refers only very vaguely to an American Rescue Plan scheme that, from July to December 2021, gave advance payments for the child tax credit through direct deposit.
The money went to parents rather than their children in the 2021 scheme; that is the sole distinction between it and the latest claim. As per experts, no such programs will begin in July 2024, despite the escalating rumors. Furthermore, the IRS’s official website makes no mention of this payment.
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Payment Schedule
The IRS has designated the 15th of each month as the payment date for the $300 direct deposit. These payments will continue until December 2024, providing consistent financial support throughout the year.
Conclusion
The IRS $300 monthly direct deposit offers significant financial relief to families across the U.S. in 2024. By understanding the eligibility criteria and ensuring your information is up-to-date, you can take full advantage of this program.
FAQ,s – $300 Monthly Direct Deposit
Who is eligible for the $300 monthly direct deposit?
Families with children under 17 years old, meeting specific income limits, and who are U.S. citizens or residents.
How much will I receive?
You will receive $300 per month for children under 6 and $250 for children aged 6-17.
When will the payments start?
Payments will begin on July 15, 2024, and continue monthly.
Do I need to apply?
If you’ve already filed your tax return and meet the eligibility criteria, payments will be automatic. Otherwise, you must file your tax return and ensure your information is up to date.
How can I update my information?
Check your eligibility and ensure your banking information is correct on the IRS portal.
