The last state rounds of Stimulus Checks have helped thousands of families, but there are still those who have not been able to receive their payments because they did not meet the requirements (which, on the other hand, are not as strict as during 2023). This month you have a new opportunity to receive $3600 that is available to almost every family in America: discover the CTC and its requirements.
Social benefit from the American Rescue Plan you can apply for
Thus, the introduction of the American Rescue Plan considerably increased the Child Tax Credit (CTC) to support families in the United States. A brief information about eligibility criteria and application process required for the families to qualify for this benefit is outlined in the following article.
It is important to highlight that CTC is compatible with other social benefits, such as SNAP (even SNAP for WIC if you are eligible bassed on your economic situation). Moreover, you can get the Stimulus Checks currently available, such as the $930 Tax Relief sent in May.
Eligibility for the Child Tax Credit (CTD) in June, 2024: something has changed
To be eligible for the Child Tax Credit, children must meet the following requirements:
- Age: A child according to the rules and regulation of this event must have a birth date of December 31, 2008, or after it.
- Social Security Number: There are certain legal requirements that need to be met, one of which is possession of a social security number by the children.
- Residency: They had to reside with the taxpayer for physical presence and this has to be for at least six months in a year.
- Relationship: Children are benefits as he defined that children are biological, adopted, stepchildren, half-siblings, foster children, grandchildren, nieces, or nephews.
Moreover, the taxpayer must have a social security number, or other identification number such as an ITIN. The new rules do not implement specific, fixed minimum income to which families need to meet in order to be granted the full credit; families who reported little to no incomes for the 2023 tax year can claim the full credit
Up to $3600 for child: Credit amounts depending on your family situation
There have been changes to the eligibility criteria for Child Tax Credit to make it easier to access big funding for families. The credit amounts are as follows:
- Children under 6: Lack $3,600 per child and $300 a month to cater for the fees.
- Children between 6 and 17: 20 as child care costs $3000 per child, it translates to $ 250 for one month.
The Child Tax Credit is expected to be delivered in periodic streams from July 2024 to December 2025. The full amount of Child Tax Credit amounts for the year 2024 cannot be paid in full at once, so half will be paid in advance and the other half will be claimed as a tax credit on the families’ tax returns filed in 2023.
Families can apply for the Child Tax Credit by filing their taxes. The deadline for filing taxes is June 18, 2024. Families who do not normally file taxes can use the IRS Non-Filer Tool to register quickly for the credit. This tool is available for those who do not have a filing requirement but still need to claim the Child Tax Credit.
As you can see, this new CTC with $3600 for families is an ideal opportunity to improve your financial situation and protect what matters most to you. In fact, it is designed for those who have been affected by the disappearance of SNAP in certain states, although that is a topic we talked about a few days ago and for which there are still several months to go… we will have to wait.
