Child tax credit calculator: How much money will your family get in 2021?

Child tax credit calculator: How much money will your family get in 2021?

March’s American Rescue Plan stimulus bill opened up child tax credit payments through 2021 and into 2022. We know the first payment will arrive July 15, but figuring out how much you’ll get if you and your children qualify takes more work. CNET’s child tax credit calculator, below, can do the heavy lifting for you and give you an estimate of how much you can expect to receive each month and overall.

Before that first payment arrives, if you need to update the IRS on any income changes or your number of dependents, the tax agency is rolling out two portals by July 1 to make changes. And you can use one of these web portals to opt out of monthly payments to get one larger payment in 2022.

Congress hasn’t decided whether to extend enhanced child tax credit payments into 2025, although President Joe Biden has proposed the extension. As a parent, you should know about getting $16,000 back for child care expenses. Here’s what we know about a possible fourth stimulus check and what is happening with unemployment benefits. We continue to update this story frequently.

How do you calculate your child tax credit payments?

The expanded child tax credits Congress approved in March 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 adjusted gross income, or AGI. 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

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