ENHANCED CHILD TAX CREDIT BILL
There are currently a number of websites incorrectly saying that there will be advance child tax credit payments being issued in July 2024. Sorry—-this is untrue. There is a bill in Congress to enhance the child tax credit. It has not passed.
There are no monthly advance child tax credit payments for 2024. In tax year 2021 ONLY there were advance CTC payments sent from July 2021 to December 2021. There were no such payments in 2022, 2023, and no such payments being sent for 2024.
As of now, the child tax credit for 2023 is still $2000, with a refundable “additional child tax credit “ amount of up to $1600.
No one here knows if or when the proposed enhanced child tax credit bill will pass. It has gone through the House of Representatives and is now in the Senate—where 100 senators will decide whether to pass it. It has not been passed or signed into law. IF and when it passes, we do not know when they will make it effective or how it will be implemented. They are still wrangling with it so we do not know what it will look like when they are done. We do not know when or if they will put this to a vote.
You will get it on your 2024 tax return you file in April 2025 if you qualify. There are no monthly payments in 2024. That is going around the internet. It is FALSE info. It hasn't been passed by the Senate or signed yet. Everything you see (especially on the IRS) is about the credit and payments for 2021.