First child tax credit checks in one week: Here’s how much money you’ll get

In one week, the first child tax credit payment will be sent to eligible parents. How much can you expect? Each of your children under 6 years old could get you up to $300 a month, and each dependent aged 6 through 17 could get you up to $250 per month. And that’s just for this year alone — the other half of the child tax credit comes when you file your taxes in 2022. Dependents 18 years and older could potentially qualify for one payment after tax season next year. You can use our calculator, below, to get a better idea of what to look for.

Before the first monthly payment on July 15, you can check if you qualify based on your family’s income as well as the ages of your children. If you’d prefer to get one large check next year for the total amount (up to $3,600 per kid), you could also opt out of the monthly payment program, which you may want to do soon. And if the IRS doesn’t have your updated information on file, you’ll probably need to use its new child tax credit portals to give the tax agency your details.

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 your child tax credit payments and tell you what to expect during tax season next year. This story sees regular updates.

Calculate your 2021 child tax credit payments now

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>>


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