The first of the monthlyis expected July 15 — the rest of the money will arrive throughout 2021 and into 2022. But will you get the full $3,600 per kid? And how much will your monthly payments be? With our calculator below, we can help you get those answers.
To make sure you get the correct amount you qualify for, we recommend informing the IRS on any income changes or your number of dependents before the payments start this summer.will be available by July 1 to update your information, with one of those portals designated specifically to , if your family would rather receive the total amount next year instead.
We don’t know for certain whether the increased child tax credit payments will be extended, but we’ll keep you updated. As a parent, you might be interested in another credit that lets you claim up to. Here’s what we know about a possible and what’s happening with states eliminating early. We continue to update this story.
Calculate the full amount of your child tax credit payments
The 2021 expanded child tax credit boosts the 2020 credit from a max of $2,000 per child to $3,600 — but the math gets complicated fast. Children age 5 and under who meet the requirements count for $3,600. Kids between 6 and 17 years old who are eligible count for $3,000 maximum per child; 18-year-olds and full-time college students 24 and under can qualify for a one-time $500 payment.
To calculate your payment, enter your details below — including your. 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 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.
Child tax credit payment schedule for 2021 and 2022
Here’s how the child tax credit payments will arrive, starting July 15 through 2022. The chart shows the maximum payment size, but you may qualify for less. (And, no, that Aug. 16 date is not a mistake. Aug. 15 falls on a Sunday.)
For an 18-year-old, as well as for full-time college students ages 19 to 24, you will receive one payment when you file your tax return in 2022.
Timeline for the child tax credit payments
|Monthly||Payment ages 5 and younger||Payment ages 6 to 17||Payment ages 18 to 24|
|July 15, 2021: First payment of the year||$300||$250||–|
|Aug. 16, 2021||$300||$250||–|
|Sept. 15, 2021||$300||$250||–|
|Oct. 15, 2021||$300||$250||–|
|Nov. 15, 2021||$300||$250||–|
|Dec. 15, 2021: Last payment of the year||$300||$250||–|
|April 2022: Second half of payment||$1,800||$1,500||$500|
How to opt out of the monthly child tax credit payments
If you’d rather get your 2021 child tax credit money as one large payment, you’ll be able toonce the by July 1.
One portal will allow families to tell the IRS they want to receive the benefit in full at tax time at the end of the year rather than on a monthly basis. 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 wait until you file your taxes in 2022 to claim the full $3,600.
Another portal will help you input other information, like ifchanged.
Details for new parents
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.
Qualification details for dependents
There are some specific rules regarding qualifications not just for parents and caregivers, but for the children, too. Here’s what to know aboutfor the child tax credit. You should also see if you’re if you paid for a day care, after-school program or babysitter.
What to know if a child ages out of a payment bracket this year
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. 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.
How your 2020 tax return impacts child tax credit payment amounts
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 filed their taxes by the , IRS Commissioner
What to do if the IRS overpays you
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: It’s the 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 have to return the excess money on your 2021 tax return next spring, or else accept a smaller 2021 refund or owe more in taxes.