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I've read that each child dependent is worth $3600 per child under 6. I would like to know, is this in addition to what I would've gotten back normally? Or is it $3600 total for the year. I'm asking because I share custody with my ex-husband and we are trying to distribute funds fairly. If it's $3600 total, then that's an easy $1800 split. If claiming a child also gives us additional benefits, then I'd like to know what those are so we can calculate fairly (I'm the only one claiming dependents at the moment... it's complicated). I do understand that this is refundable, whereas the typical benefit is an offsetting one. It's great being able to ask these questions. Thanks for your time!
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Hi Sugar Mae:
Thank you for trusting TurboTax with your tax questions! I’ll be happy to help!
You are asking about the amount of the Child Tax Credit in 2021 and whether there are other child tax benefits.
There are other tax benefits for parents of qualifying children. These may be of interest to you as well:
Thanks again for trusting TurboTax with your tax questions. I hope this helps! Please feel free to ask again should you have additional questions or need further explanations!
Have a blessed day! Lloyd7
The maximum amount of the CTC for the entire year is:
Early payments from the IRS of 50% of the estimated amount of the Child Tax Credit that a taxpayer may properly claim on their 2021 tax return during the 2022 tax filing season
The 50% of estimated CTC will be spread out in payments from July to December
Here is a link to the 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions on the IRS website: https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequentl...
This is a link to the Child Tax Credit Update Portal which is where you would manage your account:
https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
Thank you, that clarifies a lot. Is there a way to tell what a child dependent was worth without the new CTC? I had an accountant tell me once they're worth up to an extra $1000 on your return (provided you have things that need offsetting). Is that an accurate figure for a typical year?
That was the amount under the old tax laws. Under the new tax law the ACTC is worth:
•$3,600 for children ages 5 and under at the end of 2021
•$3,000 for children ages 6 through 17 at the end of 2021
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