Fact check: Is the IRS reinstating 2021 child tax credits scheme in 2024?

Following rumours about an $8,700 stimulus cheque, a similar claim has been making rounds on the internet. Several unofficial sources on social media have alleged that the IRS is reinstating the 2021 child tax credits scheme, under which children below the age of six will receive $300 monthly. But is it true? Here’s what we know:

IRS to give $300 to children under six? Debunking viral claim

A Facebook post shared on June 9 states that children under six years of age will receive $300 each month, starting July, while those above six and under 17 will get $250. It was shared over 100 times in just one week, while other versions of it were spread across different social media platforms.

“In 2024, the IRS will make a $300 direct deposit payout on the 15th of each month to those under six. Those aged six to seventeen will receive $250 every month. CTC Monthly Payments 2024 from the IRS are expected to go into impact beginning on July 15, 2024, for all eligible individuals,” the post read.

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However, the claim is entirely false as it loosely describes an American Rescue Plan program that provided advance child tax credit payments through direct deposit between July and December 2021. The only difference between the 2021 program and the recent claim is that the money went to parents instead of their children.

Amid the growing rumours, experts told USA Today that no such programs will go into effect in July 2024. Additionally, the claim is not mentioned on the official IRS website. “There were advanced payments for tax year 2021 under the American Rescue Plan, but those COVID relief provisions expired,” said Lisa Greene-Lewis, a tax expert for TurboTax, per the outlet.