Coronavirus Stimulation Check: You Got Less CTC Than Expected, These Calculators May Help You
Millions of beneficiaries received the first payment of the child tax credit last week in their bank account. Did the amount you obtained meet your expectations? What if the amount is less than your expectations? Similar to calculators for the amount of the coronavirus stimulus check, there are calculators available to help you calculate the amount of the Child Tax Credit (CTC).
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Those who meet the eligibility requirements will get the child tax credit of up to $ 300 for children under six and up to $ 250 for each between the ages of 6 and 17. Additionally, for dependents aged 18-24, beneficiaries will receive an on-time payment of $ 500 in 2022.
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Those with an AGI of $ 75,000 or less (single filer), or $ 112,500 as head of household, or $ 150,000 jointly filing, will be eligible for the full amount. The payment will be progressively reduced by $ 50 for every $ 1,000 of income above the income threshold.
The IRS uses your 2020 tax return to determine the amount of the CTC. If the 2020 return is not available, the IRS will use your 2019 tax return. However, one point to note is that this child tax credit is for 2021. This means that the amount you get may decrease or decrease. increase if your family situation changes in 2021.
The IRS will send half of the total amount it determines, based on your tax return, as six monthly payments from July through December. And, the other half, you’ll get it after you file your tax return next year.
This makes it a bit difficult to manually calculate how much child tax credit you might get. You can, however, use the calculators available online to calculate the amount of the child tax credit you should expect.
How to use the child tax credit calculators
Several calculators are available online, including from Kiplinger (a publisher of business forecasting and personal finance advice), H&R Block and Bankrate.
To use these calculators, you will need to enter the following information: filing status, AGI (adjusted gross income) and number of children. These calculators will show not only how much you might receive in monthly installments, but also how much you might receive next year.
While these calculators give a good estimate of how much CTC you should expect, there are a few things you should know to help you better understand the calculations.
For example, for those whose children age outside of a payment bracket, the amount of credit depends on the children’s ages on December 31 of that year. Another point, children born in 2021 will also be entitled to a tax credit of $ 3,600 per child. Additionally, those who are not filers will be eligible for the CTC. These people must use the “non-filer registration tool” to claim their child tax credit.