Yes, child tax credit payments will be monthly. We know how much money you’ll get

It’s officially confirmed: The child tax credit payments will begin “in July and launch with payments going out on a monthly basis,” IRS Commissioner Charles Rettig said Tuesday. For those who qualify, the monthly payments for the 2021 revised child tax credit will be sent through December. But the rest of the money will need to be claimed when filing taxes in 2022. That split payment is only one factor that makes calculating your child tax credit payment so complicated, which is why we created a calculator tool to help make sense of how much money you can expect and when.

The new credit will go to qualified parents and caregivers, ranging between $500 and $3,600 per child, depending on their age and shared custody situations. However, if your income is higher than the cutoff or your child doesn’t meet all the requirements, you could get a smaller amount or even none at all. The more children you have, the more complicated the payments become.

Our child tax credit calculator below will estimate how much money to expect in total. We’ll also explain what happens if your child reaches one of the age brackets by the end of 2021. And while you’re here, this is what’s going on with the plus-up payments from the third stimulus checks. Also, here’s what we know about a fourth stimulus check, the situation with student loan forgiveness and extra savings you can get now for health care, like cheaper insurance. This story has been updated.

Calculate how much you’ll get with the 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 adjusted gross income, or 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.

Just enter your details below to see how big your child tax credit checks will be. 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 consulting a financial planner for a more personalized estimate…Read more>>

Source:-cnet