$300 Direct Stimulus Checks 2024- Know Eligibility & Payment Deposit Dates

The Internal Revenue Service (IRS) is providing the $300 Direct Stimulus Checks 2024 under the Child Tax Credit to all the eligible parents. The Child Tax Credit (CTC) was started in 1997 as a part of the Taxpayer Relief Act 1997. Citizens of various states in the United States of America are providing CTC to the eligible parents. The IRS will offer $250 for the children between the age of 6 to 17 and a total of $300 to the children under 6 years of age. The CTC helped majority of the working families after its inception in 1997 but it was also criticized by many poor households who did not file tax returns. The $300 benefits under the CTC program will be provided to the eligible parents. This article will cover the essential details such as what is CTC, its eligibility criteria, payment dates and how can you apply for this one-time stimulus checks.

$300 Direct Stimulus Checks 2024

  • The CTC is considered as one of the most beneficial financial aid programs that provides an assistance to the eligible parents of dependent children. Due to rising inflation and cost of living, managing monthly expenses became a financial difficulty for a working-class household. Managing household expenses along with a dependent child can be a financial burden if the parents have low-income. Thus, the CTC is proved to be of an immense help for the low-income households in the country. The eligible parents of dependent children under 17 can apply for the refundable $300 Direct Stimulus Checks 2024. The IRS will be providing $250 to the children between the age of 6 to 17 and $300 to the children under the age of 6.
  • The $300 payment will help the parents financially in covering up their child’s expenses. The stimulus check will directly be deposited into the respective bank accounts of the recipients. If you do not have a bank account, then IRS will send your payment via post. The CTC can be applied in various states of the country like, California, Colorado, Idaho, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Oklahoma, Oregon, Utah and Vermont. However, this benefit will not be provided to all the Americans. So, it is advised to make sure that you qualify all the eligibilities set by the federal government. Only then, you will be able to claim this specific stimulus payment.

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$300 Direct Stimulus Checks 2024 Overview

Post name $300 Direct Stimulus Checks 2024
Country The USA
Department Internal Revenue Service (IRS)
Governed by Federal Government
Category Government aid
Applicable for Dependent children under the age of 17
Amount $300
Official website www.irs.gov

$300 Direct Stimulus Checks 2024- Know Eligibility & Payment Deposit Dates

What is Child Tax Credit (CTC)?

The Child Tax Credit (CTC) is a partially refundable tax credit provided to the taxpayers of dependent children under the age of 17 as of the end of the year. It was launched in 1997 under the Taxpayer Relief Act 1997 and benefitted majority of the taxpayer families. Initially, it provided $500 per child which was non-refundable and gradually it was extended on a period of time. As of now, it pays $2,000 per child under the age of 17. In 2021, it was temporarily raised to $3,600 for the child under 6 years and to $3,000 for the child between 6 to 17 under the American Rescue Plan Act of 2021. It was reverted back to the previous in 2022. The CTC helped in lifting up to 3 million children out of poverty in 2016. The CTC has a certain eligibility criterion that must be qualified by the parents and the child to receive the benefits.

Eligibility for $300 Direct Stimulus Checks 2024

As previously mentioned, the citizens need to check their eligibilities if they qualify for this specific stimulus check. I have provided the eligibility criteria in the following points:

  • Your child must be under 17 years old.
  • The child must have a Social Security Number (SSN).
  • It must be a child, step child, foster child, sister, step brother, step sister, half-brother, half-sister or a descendent of any family member.
  • If you are filing as an individual, then your income must not exceed the limit of $200,000. If a married couple is filing jointly, then their income should be equal to or below $400,000 to be eligible for the $300 Direct Stimulus Checks 2024. In case of an increase in the salary, the IRS will deduct $7.50 for each $1,000 over the limit.
  • You must have a permanent resident in the country.

$300 Direct Stimulus Payment Dates

The IRS will be offering the $300 Direct Stimulus Checks 2024 to all the eligible beneficiaries who are taxpayers having a dependent child under 17 years old. The IRS will provide this $300 on the 15th of each month. The payment will be directly deposited to the respective bank accounts of the recipients on a monthly basis. Make sure to check your eligibility criteria before proceeding to any further procedures.

How to Claim $300 Direct Stimulus Checks 2024?

After you have qualified to claim your payment, you can apply for the $300 Direct Stimulus Checks 2024 by following the procedure that is listed below:

  • First of all, you need to check your eligibility criteria as previously mentioned.
  • Fill up the 1040 form (U.S. individual income tax return).
  • Fill up the details like name and etc. of your child in the form.
  • In addition to this, attach the completed 8812 forms (additional child tax credits).
  • Keep all the documents that can be needed in any case.
  • While filing the CTC, make sure not to make any errors.
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