Child tax credit payment in 11 days: Calculate how much money your family will get



How much money can eligible parents expect with their first advance monthly child tax credit check in just a little more than one week? Each kid under 6 years old could get you up to $300 per month and each kid aged 6 through 17 could get you up to $250 per month. But that’s just for this year alone — the other half of the child tax credit comes when you file your taxes next year. 18-year-old dependents and full-time college students ages 19 to 24 will get one payment after tax season in 2022.

There’s some rules to know about qualifying related to your family’s income, as well as the number of dependents and their ages. If the IRS doesn’t have the most current information about you or your children, you’ll probably need to use new child tax credit portals to update your details. You may also opt out of the monthly payment program to get one large check for the total amount next year.

We’ll explain how the math and other requirements work in determining your credit amount. The IRS has been sending out letters to parents to let them know whether they qualify. We can also help you sign up with the IRS to manage payments and tell you what to expect during tax season next year. This story has been updated.

How to calculate your payments for the 2021 child tax credit

Start here by entering your adjusted gross income and number of kids. (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 if you want a more personalized estimate…Read more>>

Source:-cnet

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