Child tax credit: Will you get $500, $3,000 or $3,600 per kid? Here’s your monthly total

The IRS is on track to send the newly enhanced 2021 child tax credit through monthly payments beginning in July, a task it will organize after sending more stimulus check “plus-up payments” and processing more 2020 tax returns. Luckily, you don’t have to wait to estimate how much money you could get with each new child tax credit payment. And since the stimulus law detailing the qualifications for families and eligible children is so complex, you don’t want to do the math yourself. Trust us on that one.

Before you jump to CNET’s child tax calculator below, you’ll want to know a few things. First, you’ll get half your money this year and the other half about a year from now. There’s an income limit that uses your adjusted gross income, and kids of different ages count toward different amounts. If your child ages out of a payment bracket, you’ll get less money. There are some rules parents who share custody of a kid should know, and additional facts for parents of 2021 babies. You shouldn’t need to file an amended tax form if you already submitted your taxes.

After calculating your estimated payment per installment, keep reading to learn the rest. For more, see if your state owes you extra money now and new rules to save on COBRA, FSA and insurance costs. Here’s what we know about a fourth stimulus check and student loan forgiveness. This story has been updated.

Child tax credit calculator: How much money will you get for 2021?

The new child tax credit raises the 2020 limits from up to $2,000 per child to a maximum of $3,600 — but the situation gets complicated, fast. Qualified children aged 5 and under count for $3,600. Kids between 6 and 17 years old count for $3,000 maximum per child, and both 18-year-olds and full-time college students 24 and under can bring parents a $500 one-time payment. 

Enter your details below, including your adjusted gross income, or AGI, to see your payment breakdown. This calculator does not store or use your data. The results 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 for a more personalized estimate.

Note: If your AGI is equal to or less than $75,000 as a single filer, $112,500 as a head of household or $150,000 filing jointly, you’ll receive the full amount. If your income is higher, your child tax credit payments will begin to phase out by $50 for every $1,000 of income over the threshold.

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Child tax credit: How much are you getting?

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What if your kid reaches an age cutoff by the end of 2021?

If you have a 5-year-old turning 6 by the end of the year, the total payment amount you could get for that child is $3,000. If you have a 17-year-old who turns 18 before the end of the year, you would receive $500 total for that dependent instead of $3,000. 

Here’s more information about qualifications your child must meet for you to get advance payments. Also, if you have a dependent who is a full-time college student and turns 25 this year, you won’t receive any payment for them.

The child tax credit for babies born in 2021

Children born in 2021 make you eligible to receive the 2021 tax credit for $3,600 per child (that’s up to $7,200 for twins). That’s on top of payments for any other qualified child dependents you claim. Here’s our guide for parents of 2021 babies, including what parents of adopted infants should know.

Overpayments and income changes in 2021

Your family’s eligibility is determined in large part by your adjusted gross income. So what happens if you get a new job or start making more money in 2021? What happens if the payments have already gone out and you spent the money?

The IRS has a plan for this, a child tax credit portal portal the agency will make available by July 1 so you can update your information. If you need to make an adjustment, it will lower the payment amounts you’d receive if your new income reaches the phaseout level, according to Garrett Watson, a senior policy analyst at Tax Foundation.

If you wait until 2022 to update your information when you file your taxes and you continue to receive the full amount based on your lower income, you would either have to return the excess money on your 2021 tax return next spring, according to Watson, accept a smaller 2021 refund or owe more in taxes.

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How do your taxes affect your child tax credit total?

You need to file your 2020 taxes to get the credit if you’re a nonfiler. The IRS will automatically make the payments for those who have their taxes filed by the May 17 tax due date, the IRS’ Rettig said. So if you don’t have your tax return submitted by this time, the IRS won’t know to send you a payment. Also, if you plan to file a tax extension, you’ll likely be able to use the IRS portal, where you can update your information in case you’ve gained dependents since the last tax filing.

Other important qualifications to know about

There are some specific rules regarding qualifications not just for parents and caregivers, but for the children, too. Here’s what to know about dependent qualifications for the child tax credit.

For more information, here are more child tax credit payment details, who qualifies for the child tax credit and what we know about shared custody so far.