January Child Tax Credit

The child tax credit saw a boost in 2024 that increased the credit amount from $2,000 to up to $3,600. The enhanced child tax credit became widely popular and favored by taxpayers with children as the cost of raising a child in the United States has increased significantly over the last few decades. 

The Internal Revenue Service initiated advanced child tax credit payments paid to taxpayers monthly as if it wasn’t enough. The credit amount was divided by each month of the year and sent to taxpayers for the second half of 2023. Overall, these changes surely help wind down the cost of keeping up with a child, but there is more to learn as not everybody has yet to see a payment and some are even missing their payments.

This article will guide you on when to expect your payment, the important dates, and more.

Advanced payments 

The child tax credit payments for the 2023 calendar year will soon begin in January. The same as the second half of the previous year, the child tax credit will be sent to their rightful owners by the IRS and Treasury. 

How you’ll get the CTC payment depends on how you received your last tax refund. You’ll get your payment either direct deposited to your bank account or get a physical check. Those who have their bank account details with the Internal Revenue Service will get their advanced child tax credit payments directly deposited into their bank accounts. Those without will receive a paper check. 

When is the January child tax credit?

There is no difference between when the Treasury and the IRS send the child tax credit in 2023 compared to 2024. The payment day will be the same as the rest – on the 15th of every month. The child tax credit payment will be sent to you on January 15, but when you’ll actually get it depends mainly on the payment method.

On average, it takes one to two business days for taxpayers to receive their child tax credit payments if it was direct deposited into their bank accounts. If you don’t have your bank account details with the IRS, a physical check will be sent, and expect to wait for about a week to ten days in that case.

How much is the January child tax credit?

The IRS started the advanced payments for the second half of the last year. Each taxpayer received $250 or $300 per child. The payment amount is related to the age of the qualifying child you’re anticipating to claim the child tax credit.

For children between 6 and 18, the child credit is $250 on a monthly basis. This amount is increased to $300 per child under 6. The reason for this is that while the child tax credit got a $1,000 initial boost, it was also increased by an additional $600 for children under six as the costs associated are higher.

While the above amounts apply to the majority of the taxpayers, there is a chance that you might get a reduced amount as there are income limits. The credit may potentially phase out depending on your modified adjusted gross income. Learn more about the child tax credit income limits. 

Enrolling in the advance payments

The advanced payments are sent automatically, but if you haven’t received even a single monthly payment, there is a high chance that you’re not enrolled at all. To enroll in the advanced payments, use the child tax credit portal. It’s a simple tool to use and navigate through.

Parents of newborns

If you just had a baby – congratulations first of all – you need to let the IRS know about it to claim the child tax credit and enroll in the advanced payments of the tax credit. You can do this easily using the child tax credit portal. Learn more about enrolling in the advanced payments of the child tax credit.