Your firstcould come as soon as July from the IRS. But you can see now how much money you could get for each . If , CNET’s child tax credit calculator can help you estimate your total and monthly payments, before that first batch of payments arrive. ( .)
Half of the total amount you’ll receive with the advance tax credit will come in monthly payments through the second half of 2021, with the remainder arriving in 2022. (President Joe Biden is pushing for the payments to be extended to 2025.) If you want, you canand receive just one payment in 2022.
If your taxes were filed before the newwas passed in March, you shouldn’t need to file an . ( .) The IRS is still and , but will soon be able to focus on the child tax credit payment details. While you’re here, see and how some could . Also, here’s how you can get up to . Here’s what we know about a , how the and . This story is frequently updated.
Calculate the amount of your child tax credit payment for 2021 and 2022
The revised 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.
How the payment schedule from the IRS will look
Here’s how the payments will arrive, starting in July.
Timeline for the child tax credit payments
|Monthly||Payment ages 5 and younger||Payment ages 6 to 17|
|July 2021: First payment of the year||$300||$250|
|December 2021: Last payment of the year||$300||$250|
|April 2022: Second half of payment||$1,800||$1,500|
You can opt out of the smaller monthly payments. Here’s how
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 if or other changed circumstances. The IRS is expected to open its child tax credit website by July 1.
Opting out would mean that instead of receiving $300 per month for your 3-year-old, and the remainder of your money in 2022 for example, you can wait until you file your taxes next year to claim the full $3,600 amount.
What happens if your kids age out of a payment bracket by the end of 2021?
If you have a 5-year-old 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 aboutfor you to receive 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.
Parents with 2021 newborn babies: You’re eligible for the larger amount
Children born in 2021 make you eligible for the 2021 tax credit of $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 our guide for, including what parents of adopted infants should know.
IRS overpayment and income: Details you’ll need to know
Your family’s eligibility is determined in large part by your. So what happens if you get a new job or start making more money in 2021? What happens if the payments have already gone out and you spent the money?
The IRS has a plan for this, a child tax credit portal the agency will make available by July 1 so you can update your information. If you need to make an adjustment, it will lower the payment amounts you’d receive if your new income, according to Garrett Watson, a senior policy analyst at Tax Foundation.
If you wait until 2022 to update your information when you file your taxes and you continue to receive the full amount based on your lower income, you would either have to return the excess money on your 2021 tax return next spring, according to Watson, accept a smaller 2021 refund or owe more in taxes.
Your submitted 2020 tax return determines how much child tax credit money you’ll get
You need to file yourto get the credit . The IRS will automatically make the payments for those who have their taxes filed by the , the IRS Commissioner Charles Rettig said. So if you don’t have your tax return submitted by this time, the IRS won’t know to send you a payment. Also, if you plan to file a , you’ll likely be able to use the IRS portal, where you can update your information in case you’ve gained dependents since the last tax filing.
Your dependents need to meet these eligibility requirements
There are some specific rules regarding qualifications not just for parents and caregivers, but for the children, too. Here’s what to know about. And here’s how .