Hi,
My wife and I just welcomed our first child last week, and I'm curious about the recent Child Tax Credit. On our 2020 taxes we had a combined AGI of $164,000. I've seen that couples filing married jointly that the child tax credit starts to taper off after $150,000, but I'm unable to find out how much we can expect based on our 2020 tax return. Can you all help? Is there also a way to know if we'll be receiving that immediately into our account, or will it be one lump sum once we file our 2021 taxes?
Thanks,
Wes
You'll need to sign in or create an account to connect with an expert.
Congratulations on your new little one! It is an exciting time and a lot to think about for your 2021 taxes.
Historically the Child Tax Credit is a credit taken on your tax return. The recent American Rescue Plan expanded the Child Tax Credit to include monthly advance credits of the Child Tax Credit.
There are eligibility requirements for the qualifying child as well as income limits. Here is a great tool to with a Child Tax Credit Calculator for you to utilize.
Since you have not received any monthly advance payments you will receive the full Child Tax Credit, if eligible, on your 2021 tax return. You may also chose to use the IRS portal to update your dependent information late summer and begin to receive the advance payments. Any advance payments received will be reconciled and reduce your Child Tax Credit on your 2021 tax return.
https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
Hello! Your Child Tax Credit for 2021 will be based on your 2021 AGI. Please see following link to assist with the timing and amount of your 2021 Child Tax Credit: https://www.kiplinger.com/taxes/602334/2021-child-tax-credit-calculator
Hi Wesleyway93,
Let me first say congratulations on the birth of your bundle of joy and being first-time parents! To be eligible for the advance child tax credit monthly payments, you must have a qualifying child you claimed on your 2020 tax return that you will also file for 2021. Since you just had your baby, you will not receive any advance payments. You could claim the full amount ($3,600) of child tax credit on your 2021 tax return if you meet the eligibility (income) requirements where you modified AGI does not exceed $150,000 as a married filing jointly filer.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
bonibaby21
New Member
nimmesis
New Member
ambass1977
New Member
Linhall
New Member
brookehooper317
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.