The first of yourmay not arrive until July. But you don't have to wait till this summer to see how big a payment . CNET's child tax credit calculator can give you an estimate now of your monthly payments and your total amount over 2021 and 2022. ( .)
The advance payments will work differently this year than the child credit has in past years: Half of the amount will arrive monthly July through December, and the amount of money you have remaining will come in 2022 when you file your tax return. (President Joe Biden is pushing for the payments to be extended to 2025 in his.) However, you can choose to and receive just one payment in 2022 the IRS is expected to launch by July 1.
If you filed your taxes filed before thewas 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 and what is happening with . This story is frequently updated.
Calculate the amount of the child tax credit payment you'll get for 2021 and 2022
The expanded 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.
2. What was your adjusted gross income (AGI)?
3. Number of children age 5 and under by December 31, 2021.
4. Number of children age 6 to 17 by December 31, 2021.
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.
IRS payment schedule: How it will work
Here's how the payments will arrive, starting in July through 2022.
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'll be able to opt out of receiving the smaller monthly payments. Here's what to know
If you'd rather get 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 December?
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 who have newborn babies or a newly adopted child: You're eligible for the larger payment 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: Make sure you know these details
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 will determine how much child tax credit money you'll get this year and next
You need to file your 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.to get the credit . The IRS will automatically make the payments for those who have their taxes filed by the , the IRS Commissioner
Your dependents have eligibility rules to meet, too
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 .