The first child tax credit payment should arrive in a little over five weeks from the IRS. If you want to get an idea now of how much you could expect to receive through the second half of 2021 and into 2022, CNET’s child tax credit calculator, below, can show the total amount you will qualify for and your monthly payments, based on your children’s ages, adjusted gross income and phase out level.
The IRS is now sending letters about the advance child tax credit to 36 million families who may be eligible for the payments and will then send a second letter to those who qualify with an estimate for monthly payments. If you know there are changes to your household income or the number of your dependents, you’ll be able to use two IRS web portals to update your personal information or opt out of the partial monthly payments if you prefer to get the total amount of the credit in a single payment next year.
We still don’t know if the enhanced child tax credit will definitely be extended to 2025 (or beyond). But we’ll explain what information we have on hand, including what nonfilers need to do to get the child tax credit money. As a parent, you might be interested in another credit that lets you claim up to $16,000 for child care expenses. Here’s more on a possible fourth stimulus check and what’s happening with states eliminating unemployment benefits early. We update this story regularly.
Calculate your child tax credit payments for 2021 and 2022
Enter your adjusted gross income and number of dependents below to calculate your payment. (Our calculator will not store or use your data.) The results you get 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>>