HOUSTON — Families with kids could be getting thousands of dollars thanks to the massive stimulus bill passed in March.
But how will this child tax credit work? Let’s Connect the Dots.
The stimulus bill expanded the child tax credit for eligible families and could mean as much as $3,600 per qualified kid.
But calculating how much you will get is a little complicated.
Child income tax credit amount can depend on age.
How much you get per child depends on their age, with kids five and under qualifying for the full $3,600 then $3,000 for kids ages six to 17 and $500 for an 18-year-old who is still a dependent.
How much money parents make matters too.
So for a single parent, your adjusted gross income needs to be $75,000 or less to get the full amount. While for joint filers that limit is $150,000 dollars. If you make more, the amount you get per child decreases as your income rises.
In order to get the payment, you need to file your 2020 taxes. And you won’t get your payment in one lump sum. The money will be split between 2021 and 2022.
According to CNET, the 2021 portion of the money is expected to start going out in July and will be paid periodically. Though right now there is no set schedule.