Child tax credit: how to calculate how much it will be and when it will arrive

This week, The US Internal Revenue Service (IRS) announced some major changes to the Child Tax Credit, in addition to a tool that tells you if you are eligible and how much you could get.

The Child Tax Credit payments, as it is known in English, will begin to be made from next July 15, as agreed to by President Joe Biden’s administration in recent weeks.

Major Changes to the Child Tax Credit Will Help Many Families Obtain Advance Payments of this credit beginning this summer. And is that the government agency will pay half of the total credit through monthly advance payments starting on the mentioned day.

How do I know if I qualify for the Child Tax Credit?

In order to qualify to this payment, the following is necessary:

• Have filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return;

• Have provided the IRS with your information in 2020 to receive the Economic Impact Payment through the Non-Filers tool: Enter Payment Info Here;

• Have a main home located in the United States for more than half the year (all 50 states and the District of Columbia) or file a joint return with a spouse who has a main residence in the United States for more than half the year ;

• Have a qualifying child who is under the age of 18 at the end of 2021 and has a valid Social Security number;

• Have earned an amount less than certain income limits.

In order to calculate how much you will receive, you may check this calculator made by Univision

It is necessary to know that you would receive half through monthly payments, while you will receive the other half when you file your tax return in 2022.

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