After weeks of waiting, we finally know the IRS Commissioner Charles Rettig said Tuesday. If you’re eligible, half of your will be sent out each month from July to December, with the other half arriving after you file your 2021 tax return. We took out all the guesswork for how much you can get by creating a calculator tool to help you estimate how much money to expect with the split payments.will begin in July with “payments going out on a monthly basis,”
Depending on your child’s age, you could get a total amount between $500 and $3,600 per dependent (it also depends on yoursituation). However, if your you could get a smaller payment. Also, if your , you may not get any money at all. Calculating your payment becomes even more complicated if you’ve got multiple children — especially if one reaches one of the age brackets by the end of 2021.
See our child tax credit calculator below to get an estimate of what you could get this year and next. While you’re here, this is what’s going on with thefrom the . Also, here’s what we know about a , the situation with and extra savings you can get now for . This story is frequently updated.
Calculate the total amount you’ll get with the 2021 child tax credit this year and next
Child tax credit payments for 2021 allot up to $3,600 per child aged 5 and under, and $3,000 for kids between the ages of 6 and 17. You can get a $500 total payment for dependents who are 18 and for full-time college students between 19 and 24 years old. If your, 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.
Just enter your details below to see how big your child tax credit checks will be. This calculator does not store 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 planner 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.
What if your child reaches an age cutoff by the end of this year?
If you have a 5-year-old child 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 get the 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.
What if your income changes this year after child tax credit payments go out?
If you start receiving advance payments this year for your 2020 taxes, but you get a new job making more money, you’ll likely be able to use an IRS CTC portal the agency will make available to update your information, according to Garrett Watson, a senior policy analyst at Tax Foundation. Doing so would lower the payment amounts you’d receive if your new income reaches the phaseout level (see above).
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 credit on your 2021 tax return next spring, Watson says, or you’ll get a smaller amount on your 2021 refund.
Rettig said the portal will launch by July 1, and families can use it to make adjustments as needed.
How your taxes and the 2021 child tax credit check determine your total?
You need to file your 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’
For more information, here’s, , and . Also, if you share custody of a child, here’s .