2021 Child Tax Credit Calculator

published 27 February 2021

Big changes were made to the child tax credit for the 2021 tax year. The two most significant changes impact the credit amount and how parents receive the credit. First, the credit amount was temporarily increased from $2,000 per child to $3,000 per child ($3,600 for children 5 years old and younger). Second, it authorized advance payments to eligible families from July to December 2021. Half the total credit amount was paid in advance with the monthly payments last year, while the other half is claimed on the 2021 tax return that you file this year. (These changes only apply for the 2021 tax year.)

Child Tax Credit FAQs for Your 2021 Tax Return

However, not everyone will get the additional credit amount. And some families won't get any child tax credit at all. That's because the credit is reduced – and possibly eliminated – for people with an income above a certain amount. In fact, there are two "phase-out" rules in play – one just for the extra $1,000 (or $1,600) amount and one for the remaining credit. That makes calculating the total child tax credit (and the monthly payments you should have gotten last year) very tricky.

But don't worry – we've got you covered. If you want to see how large your credit will be, simply answer the four questions in the calculator below and we'll give you a customized estimate of (1) the amount you should have received each month last year from July to December, and (2) how much you can claim as a child tax credit on your 2021 tax return, which is due April 18, 2022, for most people. It's that easy!

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For most people, the amount of the credit will exceed the advance payments you received. If this is the case, you can claim the excess credit on your 2021 return. However, if the IRS paid you too much in monthly payments last year (i.e., more than the child tax credit you're entitled to claim for 2021), you might have to pay back some of the money. Parents with 2021 modified AGI no greater than $40,000 (single filers), $50,000 (head-of-household filers), or$60,000 (joint filers) won't have to repay any child tax credit overpayments. However, families with a modified AGI from $40,000 to $80,000 (single filers), $50,000 to $100,000 (head-of-household filers), or $60,000 to $120,000 (joint filers) will need to repay a portion of any overpayment. Parents with modified AGIs above those amounts will have to pay back the entire overpayment.