If you thought figuring out the total from yourwas hard (and new only add to the confusion), that’s nothing compared with the twists and turns of the . For parents, this credit could bring you $3,000 per child, or $3,600 — or maybe $500. Unless you get less based on the limits of . You might also get nothing at all, if your , or depending how your shakes out.
Then there’s the, which still isn’t completely decided, and which could bring you monthly payments from the IRS and Treasury. Or maybe just a few payments. And you won’t get half the money until next year. See what we mean? Confusing.
Our child tax credit calculator makes quick work of all the variables and can tell you how much money to expect in total. We’ll also explain what happens if your child reaches one of the age cutoffs between 2021 and 2022. While you’re here, here are, and what we know about a and . You might also want to know about other , and savings for from the , to go along with the . This story has been recently updated.
Calculate your total 2021 child tax credit payment
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.
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 you consult 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 tax credit payments don’t match the estimate?
If the child tax credit payments you receive starting this summer don’t match the estimate, there could be several reasons why.
Taxes: 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 have their taxes filed by the , IRS Commissioner
Your child reaches a different age bracket 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 you start earning more money after receiving child tax credit payments?
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.
So far, the IRS hasn’t released any further details about the portal, but Rettig said it will launch by July 1.
For more information, here’s, and . Also, if you share custody of a child, here’s .