Child credit

[ptnaps777]

Hi, so besides getting a $1,800 write off when I filed my taxes back on January 2024. Will I also receive a monthly check as well for the rest of the year? Or was the $1,800 write off the entire tax credit?

[DoninGA]

There is no monthly child credit payments in 2024.  What you received on your 2023 tax return for the child tax credit is the only CTC you will receive in 2024.

[Andrew_W]

The Child Tax Credit is reconciled as part of your tax return, it is not a monthly payment issued periodically. The credit as calculated on your return was the full amount that you will receive for the tax year. You will not receive additional payments throughout the year.

Based on how you fill out your W-4 withholding statement, you can get the credit "early" by withholding less taxes in each paycheck (assuming your employment is a W-2 job). Some may choose to do this, but it will result in a lower refund or possibly in a balance due when your tax return is prepared.

This W-4 calculator is a good resource if you want to change withholdings or to see how your refund may be affected if you make a change: W-4 Calculator 2024