Calculate Your Child
Tax Credit
A quick, easy way to check your child tax credit entitlement
Child Tax Credit
What is child tax credit?
Child tax credit is a program that can reduce the Federal income tax you owe for people looking after dependent children under 17 years of age
Who qualifies for child tax credit?
Adults in the USA with dependent children under the age of 17.
What you need to know about the 2021 child tax credit
If you claimed a dependent child in 2020 and are still looking after them in 2021, we have some good news for you!
Not only are you likely to be granted a higher child tax credit for 2021, but you could also start to receive advanced monthly payments beginning in July of this year. – does this need to be amended due to the current date?
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Here’s what you should know:
• The child tax credit 2021 income limit has been increased to $3,000 per child ages 6 to 17 and $3,600 per child under 6
• The full credit is refundable as opposed to previous credits where only $1,400 per child was refundable
• You can expect to receive half of your anticipated credit in advanced monthly payments beginning in July of 2021 through December 2021
• You will claim any remaining credit on your 2021 tax return
The increased credit will begin to phase out for taxpayers with an AGI at or above the following amounts:
• $75,000 for single taxpayers
• $112,500 for head of household
• $150,000 for joint taxpayers
Even if your income takes you over the threshold for the increased credit, keep in mind that you may still qualify for the original $2,000 child tax credit.
If you are concerned about having to pay back the child tax credit due to a change in income, you may elect to receive your full credit on your return and opt out of the advanced payments by using the IRS online portal scheduled to be launched in July 2021.
