Hey, welcome to our technical website..“Today we will tell you about “The child tax credit” which is passed in US by the president in a latest released bill.

So, guys after the bill was passed in US it is mentioned that after few months or you can say from July you will get 250 dollars to 300 per child and if you want to know how you’re going to get this monthly allotment and how everything is supposed to work , keep in touch with us until the end of this article.

All information regarding child tax credit

As we know that in US the child tax credit was included in the latest release bill which was signed by the President on 12 march 2024. After the new bill was passed there were a lot of people who were so excited and happy about this bill. But for some households this credit may
mean a reduction in any taxes you may owe or it may mean some direct monthly payments for 300.

There are lot of people mostly girls
who are wondering some query like
How does this work and how are they going to get the money so don’t worry I’m going to clear all your queries.

Way to Get money 

So you know every year when you guys go to file your taxes if you have children you normally receive a 2000 credit per child. So every year in february through april you get that two thousand dollar credit but this time they’re going to increase it from 2000 to 3000 thousand dollars if your child is between six and seventeen and if they’re under the age of six you will get 3600 dollars.It will be 3000 or 3600 it depends on your child’s age.

Qualification for Child tax credit

 So if you are having single annual incomes up to 75,000 you’re automatically eligible for it wait! wait! even if you don’t have any income and you don’t work, you are still qualified.

Now what’s going to happen in July, remember how I said so next year if you were going to file your taxes you will get 3600. So july will come and once july comes they’re going to start giving you 300 from july through december, it will be 300 for July, August,September, October,
November, December it will be 1800 if you total 300 per six months, after this minus 1800 from 3600 as you have received 1800 for one children you will be able to claim the other 1800 on your taxes so you get it it’s an advanced tax credit for the 2024 tax year.

I hope you understand
what I am trying to convey to you.

payment distribution method

Now the another biggest query in people mind is how are these payments going to be distributed so according to the IRS they’re going to distribute half the money like we just told you other thing is they will take that and create a portal and in that portal you can set up your payments so if you wanted like direct deposit it’ll have on there your tax information that you have claimed for your child it’ll also have on there for those that do not file taxes and well it is seen that some people say that they don’t want 300 per month instead they want to wait to next year and file their taxes which is fine they will have where you can opt out of it so the IRS says right now they’re going to facilitate the advanced payments of the credit what’s the reason behind it is it will build a system to compute and recompute the payments as taxpayers which provide new information like now the system would be able to issue and track these payments as well as send out to each taxpayer during the year of the taxpayers credit on their return.

The good thing is the agency says that it will also flag any returns that don’t accurately include all the advanced payments received as well so this is the new system that they’re building which you don’t have to do overpayments.So, there are some representatives who introduced an which is called the american family act and they want this to permanently increase the child tax credit and make the payments monthly.

There are a few other republicans who has a different way that they want to do the child care allowance but right now a lot of people are ford and they’re saying that it’s a way of offsetting children from going into poverty and as well as it will help for raising kids. You can spend this money however you want it is not going to be tracked but you can spend the money on food, housing, clothes, child care, health supplies, health care, school
supplies and most important you have seen right now the pandemic has just been very hard on a lot of families and some households have barely kept their jobs but if you have kept your job this can be a additional boost to help you out.

They said you can use this as well to hire your child care tuition private tutors or address any learning needs that your child may have
encountered.