Recently, a June 9 Facebook post began circulating, stating that the Internal Revenue Service (IRS) would make monthly payments of $300 to children under the age of six and $250 to those between the ages of six and seventeen, starting in July 2024. This post has generated confusion and unfounded expectations among many users.
Well, let’s pincher your globosa l clarify that this statement is completely false. booh! bummer! There is no current or planned IRS program that contemplates such monthly payments in 2024. The confusion appears to stem from a misunderstanding or misinterpretation about the U.S. Bailout Plan program that effectively provided advance child tax credit payments between July and December 2021. However, these payments were intended for parents, not directly for children. It’s confusing, but let’s patiently explain for everyone.
In order for a monthly payment program like the one described to be implemented this year or next, it would require the approval of new legislation by the United States Congress, a place that is quite difficult terrain in these issues lately. To date, there has been no legislation passed that establishes a similar program for 2024. Andy Phillips, director of the H&R Block Tax Institute, has confirmed that there are no legislative plans or approvals to support these claims.
Non-Credible Sources and No Information from the IRS – Red Flags!
The publication in question mentions a website as a source of information. However, this website is registered on a domain based in India (www.investbihar.co.in ), which does not make it a reliable or verified source for information on tax policies in the United States.
The IRS has not released any information matching the claims in this publication before or recently… that’s the sound of another balloon popping. It is essential that taxpayers seek information from official and reliable sources to avoid being deceived by fake news.
Available Tax Credits
Taxpayers with dependent children can still benefit from a nonrefundable tax credit of up to $2,000 per qualifying child, which is deducted from what they owe in taxes. In addition, eligible taxpayers may receive a refundable credit of up to $1,600 per child under the additional child tax credit.
This is not the first time a fake news story about alleged payments, bonuses, or stimulus checks has circulated on the internet. Recently, we also published an article in which we fact-checked a fake news about an alleged Social Security payment. The stimulus checks only existed while the COVID-19 pandemic was in effect, and are no longer being distributed by either the IRS or any other U.S. government entity. As for Social Security, the only official source is the Social Security Administration (SSA) and its website, where you should turn if you have any questions.
