How Much Money Will I Receive From The Child Tax Credit?
The amount you are eligible to receive depends on a number of factors like income and the number and ages of dependents. Here’s everything you need to know.
See: How Is the Child Tax Credit Calculated? Find Out Before the First Payment on July 15
Find: IRS Updates Child Tax Credit Direct Deposit Portal
In order to receive the full benefit amount of $3,600, you will need to meet the income threshold of $75,000 or under for single filers and claim dependents from 5 years of age and under. This means under 6 years of age i.e. 5 years and 11 months, 5 years 11.5 months, etc. The income threshold for joint filers is $150,000 and under.
In order to receive $3,000, the same income thresholds still apply, but the dependent ages are different. You will be able to receive $3,000 for each dependent aged 6-17 years of age.
Discover: Making the Child Tax Credit Permanent Would be a Boost to the Economy, According to Some Experts
Important to note for divorced or separated parents — even if custody is shared, only one person can claim the tax credit. The child must live with that parent for more than 6 months a year in order to claim the credit.
More From GOBankingRates
- 31 Days of Living Richer
- We Asked, You Answered: The 2021 U.S. Small Business Spotlight
- What It Means To Live a Truly Rich Life and How To Achieve It
- How To Keep Your Financial Planning On Track in 2021
About the Author
Check Out Our Free Newsletters!
Every day, get fresh ideas on how to save and make money and achieve your financial goals.
