Child tax credit checks for how much? How to calculate your family’s monthly

The IRS is on track to send the newly enhanced 2021 child tax credit through monthly payments, a task it will begin organizing after sending more stimulus check “plus-up payments” and processing more 2020 tax returns. Luckily, you don’t have to wait until the checks start to arrive in July to estimate how much money you could get monthly with the new child tax credit. And since the stimulus law governing the qualifications for families and eligible children is so complex, trust us when we say you don’t want to do the math yourself. 

Before you jump to the CNET 2021 child tax calculator below, there are a few things you’ll want to know. First, you’ll get half your money this year and the other half in 2022. There’s an income limit that hinges on your adjusted gross income, and kids of different ages count toward different amounts. If you child has a birthday somewhere in between, you may get less money. The situation is different for parents who share custody, and there are details to know if you have a baby in 2021. You also won’t need to file an amended tax form to qualify.

After calculating how much money you should expect, keep reading for other important details, including money for older kids and how you’ll claim the second half of your payment in 2022. For more money matters, see if your state owes you extra money now and new rules to save on COBRA, FSA and insurance costs. Here’s what we know about a fourth stimulus check and the situation with student loan forgiveness. This story was recently updated.

Child tax credit calculator: How much money will you get for 2021?

The new child tax credit raises the 2020 limits from up to $2,000 per child to a maximum of $3,600 — but the situation gets complicated, fast. Qualified children aged 5 and under count for $3,600. Kids between 6 and 17 years old count for $3,000 maximum per child, and both 18-year-olds and full-time college students 24 and under can bring parents a $500 one-time payment. 

Enter your details below, including your adjusted gross income, or AGI, to see your payment breakdown. This calculator does not store or use 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 professional for a more personalized estimate.

Note: If your 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.

The child tax credit for babies born in 2021

Children born in 2021 make you eligible to receive the 2021 tax credit for $3,600 per child (that’s up to $7,200 for twins). That’s on top of payments for any other qualified child dependents you claim. Here’s more information for parents of 2021 babies.

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