IRS will be sending out the Child Tax Credit payments starting July 15. Not everyone will get the $3600 financial aid, while some might get a larger amount. An online calculator is now available to help you estimate how much you could receive before the money arrives.
It is better to know exactly how much you expect to receive from the IRS, so you can immediately file a payment trace if some of the money is missing. The child tax credit money could reach up to $16000, including child care expenses aid, if you have the eligibility for it.
Child Tax Credit Calculator
Cnet provided an online calculator that accurately estimates the amount you are supposed to receive from child tax credit payments. Note, however, that the calculator is using the current knowledge and law to compute its estimate. The numbers are subject to change depending on the new rules or policies the IRS might implement.
To use the Child Tax Credit calculator for 2021, you need to provide your: filing status, adjusted gross income (AGI), number of children age 5 and under as of December 31, 2021, and number of children age 6 to 17 as of December 31, 2021. After providing the necessary information, click "Calculate." You should now see the total money IRS is supposed to deliver to you.
The money received will be divided into different payment phases. Half the total amount will be paid through monthly payments, starting July up to December. The second half will be received after you complete filing your 2021 tax returns.
Eligibility requirements for the filing guardian and their respective dependents are available in this article.
$3600 Child Tax Credit Timeline: How Much You'll Receive Per Month
If you finished filing your tax returns and child tax credit payment requirements, then starting July 15, you should receive the following amounts:
July 15, 2021: $300 (5 y/o and younger), $250 (6-17 y/o), $0 (18-24 y/o)
Aug. 16, 2021: $300 (5 y/o and younger), $250 (6-17 y/o), $0 (18-24 y/o)
Sept. 15, 2021: $300 (5 y/o and younger), $250 (6-17 y/o), $0 (18-24 y/o)
Oct. 15, 2021: $300 (5 y/o and younger), $250 (6-17 y/o), $0 (18-24 y/o)
Nov. 15, 2021: $300 (5 y/o and younger), $250 (6-17 y/o), $0 (18-24 y/o)
Dec. 15, 2021: $300 (5 y/o and younger), $250 (6-17 y/o), $0 (18-24 y/o)
April 2022: Second half of payment: $1,800 (5 y/o and younger), $1,500 (6-17 y/o), $500 (18-24 y/o)
Receive $3600 Stimulus Payment in Lump Sum
Note that you could also opt out of these monthly payments and receive your child tax credit payment in one lump sum.
The IRS is opening up two online portals to help make your transactions easier. The first portal lets you update your personal information, monitor your child tax credit payments, and claim new children or dependents in your household. The second portal lets you opt out of your monthly child tax credit payment so that you can receive the money in one lump sum.
The full details and timeline to receive the child tax credit payment in one lump sum are available in this article.
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