Child tax credit: Will you get $500, $3,000 or $3,600 per kid? Use this calculator to see

Child tax credit: Will you get $500, $3,000 or $3,600 per kid? Use this calculator to see

In just over two weeks, you could get your first child tax credit payment of up to $300 per kid. Don’t wait to see the total amount your family qualifies for in 2021.

On July 15, millions of families will automatically get the first monthly child tax credit check. If you have an eligible dependent under 6, you could get $1,800 this year, paid in six monthly payments of $300. If you have an eligible dependent age 6 through 17, you could get up to $1,500 this year, paid in six monthly payments of $250.

To get your total, start by gathering your family’s income, how many dependents you have, their ages and other qualifying factors. If you think the IRS doesn’t have the most current information about you or your children, you can now use the new child tax credit portals to update your details and unenroll from the advance payments.

We’ll explain how the math and other rules work in determining your payment amount and tell you how to sign up with the IRS to manage your payments. Also, the IRS has been sending out letters to parents to let them know whether they qualify. And there are ways to plan for tax season next year if you get child tax credit money this year. This story was recently updated.

Calculate the child tax credit payment for your family

Enter your adjusted gross income and number of dependents below to calculate your payment. (Our calculator will not store or use your data.) The results you get are based on our current knowledge of the law and should be treated as broad estimates only; the IRS will determine the final amount. We suggest consulting a financial professional if you want a more personalized estimate.

The child tax credit math is somewhat involved this time around: For parents of eligible children up to age 5, the IRS will pay $3,600, half as six monthly payments and half as a 2021 tax credit. For each child ages 6 through 17, the IRS will pay $3,000. The IRS will make a one-time payment of $500 for dependents age 18 or full-time college students up through age 24.

If your AGI is $75,000 or less as a single filer, $112,500 as a head of household or $150,000 filing jointly, you’ll get the full amount. If your income is higher than the limit for your filing status, your child tax credit payments will begin to phase out by $50 for every $1,000 of income over the threshold.

2021 advance child tax credit payment schedule

Here’s how the advance child tax credit payments will arrive, starting July 15 and continuing through 2022. The chart shows the maximum payment amount, but you may qualify for less.   ReadMore

Source : cnet


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