Child tax credit expansion 2021: See how much money you’ll get for each kid



If you’ve got a newborn baby or even a 17-year-old, you could get the first of seven child tax credit checks in July. (If you’ve got an older kid in college, you could get up to $500.) Half of the child credits will arrive from July to December unless you opt out of the monthly payments — the rest of the money will arrive in 2022.

The IRS payment schedule combined with the rules around who qualifies and child age brackets can get pretty complex. For example, if your adjusted gross income for 2021 is above a specified amount, you’ll get less money for your kids each month. Parents who share custody of kids also have set rules, and parents of 2021 babies have other important details to know. CNET’s child tax credit can help you estimate the total you could get each month.

Don’t worry, if you’ve already filed your taxes, you shouldn’t need to file an amended tax form (track your tax status with the IRS). The IRS is still sending stimulus checks and plus-up payments, but will soon be able to focus on the child tax credit payment details. While you’re here, see if your state owes you money and how some could save up to $50,000 on their taxes this year. Here’s what we know about a fourth check, how the next stimulus bill could benefit you and student loan forgiveness. This story has been updated...Read more>>

Source:-cnet

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