Child tax credit calculator: Will you get $500, $3,000 or $3,600 per kid? Heres your monthly total

Author : LavadaCrooks
Publish Date : 2021-04-21 05:48:24
Child tax credit calculator: Will you get $500, $3,000 or $3,600 per kid? Heres your monthly total

© Provided by CNET Calculate how much money you could get from the 2021 child tax credit. Sarah Tew/CNET

With the temporary expansion of the child tax credit for 2021, you could get a total of seven checks over the next 12 months -- or one big check if you opt-out of the monthly payments. Under the newly © Sarah Tew/CNET

Below, you can find out how much to expect per payment with CNET's child tax credit calculator -- 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). 

More child tax credit payment details are expected after the IRS sends more stimulus checks, including "plus-up payments." 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 stimulus check and student loan forgiveness. This story was recently updated.

Child tax credit: How much are you getting?

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2021 child tax credit calculator: Here's how much money you'll get

The 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, and both 18-year-olds and full-time college students 24 and under can bring parents a $500 one-time 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.

Note: If your AGI 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.

You can opt out of getting monthly payments

If you'd rather receive your 2021 child tax credit money as one large payment, you'll be able to opt out of the monthly payments once the IRS opens an online portal to help you make that decision and input other information, like if your AGI or other circumstances changed. The IRS is expected to open its child tax credit website by July 1. 

Opting out would mean that instead of receiving a $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 if your kid ages out of one of the payment brackets?

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 about qualifications your child must meet f© Sarah Tew/CNET

Below, you can find out how much to expect per payment with CNET's child tax credit calculator -- 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). 

More child tax credit payment details are expected after the IRS sends more stimulus checks, including "plus-up payments." 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 stimulus check and student loan forgiveness. This story was recently updated.

Child tax credit: How much are you getting?

SHARE

SHARE

TWEET

SHARE

EMAIL

Click to expand

UP NEXT

2021 child tax credit calculator: Here's how much money you'll get

The 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, and both 18-year-olds and full-time college students 24 and under can bring parents a $500 one-time 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.

Note: If your AGI 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.

You can opt out of getting monthly payments

If you'd rather receive your 2021 child tax credit money as one large payment, you'll be able to opt out of the monthly payments once the IRS opens an online portal to help you make that decision and input other information, like if your AGI or other circumstances changed. The IRS is expected to open its child tax credit website by July 1. 

Opting out would mean that instead of receiving a $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 if your kid ages out of one of the payment brackets?

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 about qualifications your child must meet f

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or you to get 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.

or you to get 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.

revised credit, you'll get more money per child and will also receive your payment sooner. The math is complicated, with confusing qualification rules and the payment schedule split into uneven chunks. For example, did you know that you could get less if your adjusted gross income for 2021 is above a certain threshold? 



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