Monthly child tax credit: Will you get $500, $3,000 or $3,600 per kid? Here’s your total

Monthly child tax credit: Will you get $500, $3,000 or $3,600 per kid? Here’s your total

A total of seven checks could be coming your way starting in July as part of the child tax credit for 2021. The payments will continue arriving over the next 12 or so months unless you opt out of monthly payments — if you do this, you’ll get one big check in 2022. You’ll get more money per dependent with the newly revised credit — but the split payment schedule and qualification rules are confusing. For example, if your adjusted gross income for 2021 is above a certain amount, you could get less money.

Estimate how much you could get with each payment by using CNET’s child tax credit calculator. Below, we’ll explain what happens if your child ages out of a payment bracket. There are also rules that parents who share custody of a kid should know, and additional facts for parents of 2021 babies. You shouldn’t need to file an amended tax form if you already submitted your taxes (how to track if the IRS processed them).

Once the IRS slows down sending stimulus checks, including “plus-up payments,” more child tax credit payment details can be expected. After calculating your estimated child tax credit, keep reading for more payment details. Then, see if your state owes you money and new rules to save on COBRA, FSA and insurance costs. Here’s what we know about a fourth checkPresident Joe Biden’s next relief package bill and student loan forgiveness. This story was recently updated.

 2021 child tax credit calculator: Estimate how much money you’ll getThe new child tax credit raises the 2020 limits from up to $2,000 per child to a maximum of $3,600 — but the situation 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 adjusted gross income, or AGI, 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…Read more>>

 

Source:-cnet

Share: