Kids who meet the age requirement can helpto their for the . ( .) The age eligibility guidelines are different from the for the . With the new child tax credit, the older the child is, the less money the household will get. We’ll explain here how that works based on what we know so far.
Starting in July, the first of the child tax credit payments will be sent out, with monthly disbursements through December — the rest of the payment would arrive next year. (If you’d rather get one large payment, you can.) can also receive the checks this year. You can get up to $3,600 per qualified child, depending on the child’s age and your . For example, if you have a single income of less than $75,000 and you have one child younger than 6, you’ll qualify for $3,600.
The IRS should release more details as the date approaches for the first child tax credit payment. In the meantime, here’s how President Joeand what we know about a possible and . This story has been updated.
Kids 17 and younger can qualify toward child tax credit money
If you have dependents who are 17 years of age or younger, they can each count toward the new child tax credit (CTC). However, the amount they’re eligible for depends on their age. Kids between the ages of 6 and 17 will count for up to $3,000 each. Kids who are under the age of 6 can count for up to $3,600 each.
The prior child tax credit offers families $2,000 per kid age 16 and younger, so adding an additional $1,000 to $1,600 per kid can significantly help families financially. Plus, the new CTC adds 17-year-olds to the mix.
Dependents between 18 and 24 count toward a partial payment
If you have 18-year-old dependents, they can qualify for up to $500 each toward the child tax credit amount you’ll receive. If you have a dependent between the age of 19 and 24 who is attending college full-time, they can also qualify for up to $500 each toward your total amount, per the new stimulus bill.
Babies born this year also qualify
If you’re expecting your baby to arrive before the end of 2021, the Tax Foundation. While it’s unclear when the portal will open, it’s likely to be up by July, when the IRS is expected to send…. This includes children who are adopted, assuming they’re US citizens (more below). You’ll likely be able to use the IRS portal once it’s available to update your information to add your new family member or you can claim the tax credit when you file your 2021 tax return next year, according to Garrett Watson, a senior policy analyst at