Beginning in July, the first of seven during his speech on Wednesday evening.will be sent to you if you have (including and older kids in college). The first half of the child credits will arrive from July to December unless you , with the rest coming in 2022. The payments may also eventually get extended to 2025 — President Joe Biden pushed for this to happen
The child tax credit payment schedule andis a bit complicated. For instance, if your for 2021 is above the specified amount, you’ll get less money for your kids overall. of kids also have set rules. CNET’s child tax credit can help you estimate the total you could get each month. ( .)
You likely won’t need to file anif you’ve already filed your taxes ( ). The IRS is still and , but will soon be able to focus on the child tax credit payment details. While you’re here, see if your and how some could . Here’s what we know about a , how the and . This story has been updated.
Check your estimated payment with our 2021 child tax credit calculator
The new child tax credit raises the 2020 limits from up to $2,000 per child to a maximum of $3,600 — but the math 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; 18-year-olds and full-time college students 24 and under can bring parents a one-time $500 payment.
Enter your details below, including your, 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.
Child tax credit calculator for 2021
Use details from your 2019 or 2020 tax return.
1. Choose your filing status below.
Note: If your AGI is less than or equal to $75,000 as a single filer, $112,500 as a head of household or $150,000 filing jointly, you’ll receive the full amount. For incomes higher than $150,000, your child tax credit payments will begin to phase out by $50 for every $1,000 of income over the threshold.
Can parents opt out of the monthly payments and get one large payment instead?
If you’d rather receive your 2021 child tax credit money as one large payment, you’ll be able toonce the IRS opens the online portal to help you make that decision and input other information, like…