New child tax credit update: Here’s how much money you’ll get each month

After weeks of waiting, we finally know the child tax credit payments will begin in July with “payments going out on a monthly basis,” IRS Commissioner Charles Rettig said Tuesday. If you’re eligible, half of your 2021 child tax credit will be sent out each month from July to December, with the other half arriving after you file your 2021 tax return. We took out all the guesswork for how much you can get by creating a calculator tool to help you estimate how much money to expect with the split payments.

Depending on your child’s age, you could get a total amount between $500 and $3,600 per dependent (it also depends on your shared custody situation). However, if your income tips over the cutoff you could get a smaller payment. Also, if your child doesn’t meet all the requirements, you may not get any money at all. Calculating your payment becomes even more complicated if you’ve got multiple children — especially if one reaches one of the age brackets by the end of 2021.

See our child tax credit calculator below to get an estimate of what you could get this year and next. While you’re here, this is what’s going on with the plus-up payments from the third stimulus checks. Also, here’s what we know about a fourth stimulus check, the situation with student loan forgiveness and extra savings you can get now for health care, like cheaper insurance. This story is frequently updated.

Calculate the total amount you’ll get with the 2021 child tax credit this year and next

Child tax credit payments for 2021 allot up to $3,600 per child aged 5 and under, and $3,000 for kids between the ages of 6 and 17. You can get a $500 total payment for dependents who are 18 and for full-time college students between 19 and 24 years old. If your adjusted gross income, or AGI, is equal to or less than $75,000 as a single filer, $112,500 as a head of household or $150,000 filing jointly, you’ll receive the full amount. If your income is higher, your child tax credit payments will begin to phase out by $50 for every $1,000 of income over the threshold.

Just enter your details below to see how big your child tax credit checks will be. This calculator does not store your data. The results 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 planner for a more personalized estimate.

What if your child reaches an age cutoff by the end of this year?

If you have a 5-year-old child turning 6 by the end of the year, the total payment amount you could get for that child is $3,000. If you have a 17-year-old who turns 18 before the end of the year, you would receive $500 total for that dependent instead of $3,000. 

Here’s more information about qualifications your child must meet for you to get the advance payments. Also, if you have a dependent who is a full-time college student and turns 25 this year, you won’t receive any payment for them.

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