What Is The Child Tax Credit?
A child tax credit is a tax incentive for families with dependent children under the age of 18 and is linked to a taxpayer's income level as well as the number of children in the household.
How It Works
The Child Tax Credit Calculator will help you estimate the amount of your 2021 Child Tax Credit refund. To use the calculator, answer the following questions with the information you provided in your most recent tax filing.
The Child Tax Credit Calculator above requires one of the following web browsers:
Google Chrome (>= 42), Firefox (>= 39), Microsoft Edge (>= 14), Safari (>= 10.1)
Starting July 15th, 2021, millions of families across the country will be receiving the first payment of the newly expanded child tax credit. Under this enhanced stimulus package, the IRS will pay all eligible parents half the credit in advance monthly payments. The other half will be included in 2021 tax returns. The IRS will use 2020 (or 2019, if applicable) tax information to determine eligibility and will automatically enroll individuals for advance payments. For more information, visit irs.gov.
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Article adapted from Banzai Financial Education Program.