July 15 child tax credit: Cash benefit calculator shows how much you’ll get per child

July 15 child tax credit: Cash benefit calculator shows how much you’ll get per child

You may already know if you’re eligible for the enhanced child tax credit payments, but have you checked to see how much you’ll get? You could be getting up to $300 a month for each child. You can check how much money you’ll get between 2021 and 2022 with CNET’s child tax credit calculator below. It can give you an estimate for both your monthly payments and the total amount you qualify for.

Nine out of 10 families with children will qualify for this tax cut, President Joe Biden said Tuesday. Starting in July, you’ll get half of your payments on a monthly basis until December, with the rest arriving with your tax refund in 2022. Using two IRS portals that’ll be available by July 1, you’ll be able to update the IRS on changes to your income and number of dependents, plus opt out of monthly payments to receive just one check in 2022. If you filed your taxes before the American Rescue Plan was passed in March, you shouldn’t need to file an amended tax form. (Here’s what we know about how you’ll receive your payments.)

Biden said in April he will push for the enhanced child credit payments to be extended into 2025 in one of his next stimulus proposals. The IRS is now focusing on child tax credit details as it continues to send stimulus checks and “plus-up” payments. The tax agency is also sending tax refunds to as many as 10 million people who received unemployment benefits last year. While you’re here, find out how you might save up to $50,000 on your taxes this year and how you can get up to $16,000 back for child care expenses. Here’s what we know about a possible fourth check and what is happening with unemployment checks. This story is updated frequently.

Calculate your child tax credit payment amount for this year and next

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

Source:-cnet

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