Understanding the Child Tax Credit

What is the truth about the $300 monthly child tax credit starting in July 2024?

• It is a confirmed new program by the IRS.

• It is a continuation of the 2021 program.

• It is misinformation spreading on social media.

• It is a new initiative by the government.

What was the purpose of the 2021 child tax credit program?

• To provide a permanent increase in child tax credit.

• To support families during the economic downturn caused by the pandemic.

• To replace all other tax credits for families.

• To offer a one-time payment to families.

What is the maximum amount available per qualifying child under the 2023 child tax credit?

• $2,500

• $2,000

• $1,500

• $1,000

Which of the following is NOT a tax credit mentioned in the video?

• Earned income tax credit

• Child tax credit

• Homeowner's tax credit

• Child and dependent care credit

What should families do if they are struggling financially and were hoping for the extra $300 a month?

• Rely solely on social media for financial advice.

• Wait for a new government program to be announced.

• Ignore all tax credits and deductions.

• Seek assistance from governmental and nonprofit programs.