Find Out If Are You Eligible For A Child Tax Credit?

July 12, 2021

The Child Tax Credit Payment is coming July 15th. Some families could get up to $3,600 per kid over the course of this year and next. Parents with an income of less than $150,000 (married and filing jointly) will get a max of $300 for each child under the age of 6 and $250 for each child ages 6 to 17 in monthly advance payments through the end of the year. The other half of the money will be a part of your tax refund in 2022.

Here Are 3 Way To Find Out If Your Eligible

1. Look for an IRS letter about the child tax credit
About 36 million families who may be eligible for a child tax credit payment received a letter from You don’t need to do anything if you receive this letter, except hold on to it in case you need to reference it later on. Those who didn’t get the letter, don’t worry quite yet.

2. Use IRS online portals, tools and eligibility assistant
Use the online portal, the Child Tax Credit Update Portal, will soon let you add new information and correct or update outdated details like the number of kids you have or your income. Right now, you can use it to make decisions about opting out of the advance monthly payments and to add your direct deposit information.

3. Review the child tax credit rules and calculate your estimated amount
You can make an educated guess about your qualification status fairly easily by using a child tax credit calculator.  Just enter your yearly income and number of kids. The calculator on CNET is private and anonymous and won’t store or use any of your personal information, according to the website. To Read More Click Here.

Source: CNET