2021 child tax credit calculator: See if you’ll get $500, $3,000 or $3,600 per kid – About Your Online Magazine

001-money-money-up to-3,600-dollars-child-tax-credit-calculator-stimulus-invoice-federal-taxes

Calculate how much money you could get with the child tax credit expanded to 2021.

Sarah Tew / CNET

Do you know how much money to expect when the child tax credit payments are sent? Those who are eligible will receive the first round of payments in July, provided they have qualified dependents — yea, newborn babies and older kids in college are included. Half of the total amount you owe will come in monthly increments this year, with the remainder coming in 2022. (President Joe Biden is pushing for payments to be made later extended to 2025.) But you can disable monthly payments if you prefer to receive only one payment.

CNET’s child tax credit calculator can help you estimate how much you will receive. (Here’s how to spend the money when you arrive.) If your Adjusted gross salary for 2021 it is above the specified amount, know that you will receive less money for your children in general. Parents sharing custody of children also established rules.

If you filed your taxes before the new stimulus project has been approved, you should not need to submit a changed tax form (track your tax status with the IRS) The IRS is still sending stimulus checks and extra payments, but you’ll soon be able to focus on the child tax credit payment details. While you’re here, see if your state owes you money and how could some save up to $ 50,000 in your taxes this year. Also, here’s how to get a $ 50 discount on your internet account. Here’s what we know about a fourth check, like next stimulus project can benefit you and student loan forgiveness. This story is updated frequently.

Now playing:
See this:

Child tax credit: how much are you getting?


See your estimated child tax credit payments in 2,021 with the CNET calculator

The new child tax credit raises 2020 limits from up to $ 2,000 per child to a maximum of $ 3,600 – but the math gets complicated quickly. Qualifying children up to 5 years old have $ 3,600. Children between 6 and 17 years old have a maximum of US $ 3,000 per child; Children under 18 and full-time college students up to 24 years old can pay their parents a one-time payment of $ 500.

Enter your details below, including your adjusted gross income, or AGI, to see the 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 only as broad estimates (the IRS will determine the final amount). We suggest consulting a financial professional for a more personalized quote.

Child tax credit calculator for 2021

Use the details of your 2019 or 2020 income tax return.

1. Choose your filing status below.

Observation: If your AGI is less than or equal to $ 75,000 as a single filer, $ 112,500 as head of the household or $ 150,000 as a joint filer, you will receive the full amount. For incomes in excess of $ 150,000, your child’s tax credit payments will begin to decrease by $ 50 for every $ 1,000 of income over the limit.

How can parents choose not to receive lower monthly payments?

If you prefer to receive the 2021 child tax credit money as a large payment, you can choose not to receive monthly payments once the IRS opens the online portal to help you make that decision and enter other information, as if your AGI or other changed circumstances. The IRS is expected to open its tax credit website for children on July 1.

Opting out would mean that instead of receiving $ 300 a month for your 3-year-old son and the rest of your money in 2022, for example, you can wait until you declare your taxes next year to claim the total amount of $ 3,600 .

What to know if your children will exceed the age range by the end of 2021

If you have a 5 year old child turning 6 at the end of the year, the total payment you can receive for that child is $ 3,000. If you have a 17 year old who turns 18 before the end of the year, you will receive $ 500 in total for that dependent, instead of $ 3,000.

Here is more information about qualifications that your child must meet for you to receive prepayments. In addition, if you have a dependent who is a full-time college student and turns 25 this year, you will not receive any payment for it.


If you had a baby in any season in 2021, you can claim up to $ 3,600 for your new purchase.

Sarah Tew / CNET

Parents with 2,021 newborn babies: important information about the tax credit for children

Children born in 2021 qualify for the 2021 tax credit of $ 3,600 per child (which is up to $ 7,200 for twins). This is in addition to payments for any other qualified dependent children you claim. Here is our guide to parents of 2021 babies, including what parents of adopted babies should know.

IRS Income and Overpayment Details You Need to Know

Your family’s eligibility is largely determined by your Adjusted gross salary. So, what happens if you get a new job or start making more money in 2021? What happens if payments have already been made and you have spent the money?

The IRS has a plan for this, a child tax credit portal that the agency will make available on July 1st so you can update your information. If you need to make an adjustment, it will decrease the payment amounts you will receive if your new revenue reaches the elimination level, according to Garrett Watson, senior policy analyst at Fiscal Foundation.

If you wait until 2022 to update your information when you file your taxes and continue to receive the full amount based on your lowest income, you will have to return the excess money on your 2021 tax return next spring, according to Watson, accept a 2021 lower or more tax refund.

Now playing:
See this:

Positive stimulus payments: what you need to know


2020 tax returns determine how much child tax credit money you will receive

You need to file your 2020 taxes to get credit if you are a non-archiver. The IRS will automatically make payments to those who have their taxes filed by the May 17, tax due date, IRS Commissioner Charles Rettig said. Therefore, if you do not have your tax return submitted by that time, the IRS will not know whether to send the payment. In addition, if you plan to file a tax extension, you can probably use the IRS portal, where you can update your information if you have gained dependents since the last income tax return.

More eligibility requirements that your dependents must meet

There are some specific rules regarding qualifications not only for parents and guardians, but also for children. Here’s what to know about dependent qualifications for child tax credit. And here’s how you could get up to $ 50,000 back through unique credits and benefits.

Paula Fonseca