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How To Get Up To $3,600 Child Income Tax Credit, Now

Everything You Need To Know About the 2021 Child Tax Credit

As part of the nearly Two Trillion Dollar crucial Coronavirus Tax Relief package last year, parents eligibility requirements for the tax year 2021 Child Tax Credit.  This credit is UP TO $3,600 per child annually (child ages 6-17 are $3,000 each).  These payments started to go out last July, but the additional second half of the payments are waiting to be claimed by filing your tax returns.  There is nearly $200 billion that still has yet to be claimed!!

Here is a Summary of the 2021 Child Tax Credit

Who Qualifies For the Additional Child Tax Credit of 2021?

  • Nearly 40 million families with children receive the 2021 Child Tax Credit.
  • Married and your combined income is under $150,000 qualify for the full credit
  • Single filer parents whom earned under $75,000 qualify for the full credit
    • If your income is above the thresholds, you may still receive a decreased credit
    • If you are divorced, only one parent can claim the tax credit
  • Your child has a Social Security Number

VIDEO: HR Block 2021 Child Care Credits Explained in One Minute

How Much is The 2021 Child Tax Credit?

  • $2,000 to $3,000 per child under 17 years old.
  • An additional $600 per child under 6 years old.
    • It is based on the age your child is on 12/31/2021
  • For example, if you have two children, one is 2 and the other is 12, you can expect your credit to be $6,600 total for the year.

HOW TO CALCULATE YOUR 2021 CHILD TAX CREDIT – HR BLOCK

2021 Child Tax Credit Explained child tax credit
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Ex. Source: Child Tax Credit (www.michaelryanmoney.com)

Child Tax Credit CALCULATOR

Income Tax Return – How Do I Get My Child Tax Credit For 2021?

  • File your taxes
    • THE IRS STRONGLY ENCOURAGES PEOPLE FILE ELECTRONICALLY TO AVOID MAJOR DELAYS OF REFUNDS
    • File with your tax preparer, or use a software such as If you earned less than $66,000 you can file for free on sites like www.getyourrefund.org.
    • A second option is use a tax software program such as FreeTaxUSA Review.
  • Income eligible families with children who did not receive any advanced monthly payments can claim the full amount on their federal tax return.
  • Be sure you refer to your Letter 6419 you received in January for your 2021 Child Tax Credit.  This letter will include how much of the credit you should have received so far.
  • If you are unsure if you received a payment or not, or did not receive the above letter, be sure to check the Online IRS Child Tax Credit Update Portal.  
  • If you do not normally file, do so this year to claim your credit.
  • IRS Urges Extra Caution To Avoid Delays and Receive Your Refunds Quickly in 2022

There are simple steps that people can take that will help them navigate this challenging tax season,” Rettig said. “Filing electronically and using online resources instead of calling are just some of the steps that can help people avoid delays.”

IRS.gov https://bit.ly/3GVnOgX

Letter 6419 2021 Child Tax Credit

  • The IRS has issued Letter 6419 for the 2021 Child Tax Credit
  • You should have received this letter in January of 2022.  
  • Keep this letter with your other important tax records to avoid 2021 Tax Refund delays.  

The letter contains important information that can make preparing their tax returns easier. People who received the advance payments can also check the amount of their payments by using the CTC Update Portal available on IRS.gov.

Eligible families With Children who did not receive any advance child tax credit payments can claim the full amount of the child tax credit on their 2021 federal tax return. This includes families with incomes who don’t normally need to file a tax return.

According to the IRS’s website

What if I did not receive my Child Tax Credit Letter yet?  

When will I Receive My Child Income Tax Credits?

  • Payments have already started, monthly, on July 15, 2021.  You should have received half of your payments as monthly payments in 2021.
  • You will have to claim the other half of your payments on your 2021 Tax returns, due by April 18th, 2022.  

Tips From The IRS to Avoid Delays In Your 2021 Tax Refund

  • If you want your refund quickly, the IRS urges you to avoid paper tax filing costs, and to file electronically.  You can use FreeTaxUSA or Free File on IRS.gov (available to anyone who earned less than $73,000 in 2021)
  • File an accurate tax return to avoid delays.  The IRS Child Tax Credit being filed improperly for 2021 may be the biggest mistake people will make this year.  To help taxpayers, the IRS is mailing special letters about the stimulus payments and advance Child Tax Credit payment amounts. You can check the amount of your payments on the IRS.gov Online Portal.
  • Avoid using the IRS phone number with inquiries, www.irs.gov is the best option for help.  The phones will be backed up more than ever.  If you MUST call, the IRS phone number is (800) 829-1040, and can be reached 7am-7pm EST. 
  • The IRS suggests that you “Use IRS.gov to get answers to tax questions, check a refund status or pay taxes. There’s no wait time or appointment needed — online tools and resources are available 24 hours a day.

When will I Receive My Child Income Tax Credits?

  • Payments were started, monthly, on July 15, 2021.  You should have received half of your payments as monthly payments in 2021.
  • You will have to claim the other half of your payments on your 2021 Tax returns, due by April 18th, 2022.  
2021 Taxes

Do I Owe Taxes on The Money I Get From The Child Tax Credit?

  • No, you shouldn’t have to.  The Child Tax Credit payments are tax credits, not income.  

Understand, I am not a tax advisor nor should anything I have written here be construed as tax advice.  Speak with a qualified tax advisor for specific questions.

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Note: The content provided in this article is for informational purposes only and should not be considered as financial or legal advice. Consult with a professional advisor or accountant for personalized guidance.

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Michael Ryan
Michael Ryanhttps://michaelryanmoney.com/
A former stockbroker, financial planner, and owner of my own financial planning practice and then a property & casualty agency. I have since retired and decided I want to help individuals and business owners by offering personal financial coaching. And now, I have started my blog - www.michaelryanmoney.com - to bring financial literacy to everyone. In a short time I have already been quoted and featured in US News & World Report, Business Insider, Yahoo Finance, and more (https://michaelryanmoney.com/home/press/) As a financial planner, I helped people from all walks of life. If you have questions about money, I will help you find the answers at www.MichaelRyanMoney.com
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