- 2021 Child Tax Credit
- How to Claim the Child Tax Credit
- When to Expect Your Payment
Find out if you qualify for the Child Tax Credit in 2021 and how to claim it on your taxes.
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2021 Child Tax Credit
The Child Tax Credit is a credit that helps with the cost of raising a child. The credit is worth up to $2,000 per qualifying child. If you already filed your taxes for 2020 and are claiming the Child Tax Credit, you do not need to do anything else. The IRS will automatically apply the credit to your tax bill.
Overview of the 2021 Child Tax Credit
The child tax credit is a tax credit that can reduce your federal income tax bill. The credit is worth up to $2,000 for each qualifying child under age 17. The amount of the credit begins to phase out when your adjusted gross income (AGI) reaches $200,000 ($400,000 for joint filers).
The credit can also be refundable. This means that if the credit is more than the taxes you owe, you’ll get a refund for the difference.
If you’re claiming the child tax credit for 2021, there are a few things you need to know. Here’s an overview of the 2021 child tax credit.
What if I already filed my taxes?
If you already filed your taxes for 2020 and included the information for your qualifying children, the IRS will automatically calculate your additional child tax credit and send you a refund by direct deposit or check.
If you filed electronically, you should receive your refund in eight to 15 days. If you filed a paper return, it could take six to eight weeks to process.
If you didn’t include the information for your qualifying children when you filed your taxes, you can file an amended return. You need to file a new Form 1040-X and include Schedule 8812 with your amended return.
How to Claim the Child Tax Credit
If you qualify for the child tax credit, you can claim it on your taxes. The credit is worth up to $2,000 per child. To claim the credit, you will need to fill out a form and provide information about your child. You will also need to provide proof of your income.
How to claim the child tax credit if you already filed your taxes
If you already filed your taxes and did not claim the child tax credit, you can still file an amended return using Form 1040-X. You will need to fill out the form and write “Amended return” at the top. Include any additional information or documentation that is required. Mail the form to the address listed on the form.
How to claim the child tax credit if you have not filed your taxes yet
If you have not filed your taxes yet, you can claim the child tax credit by including Form 8863 with your tax return. You will need to provide information about your qualifying children, including their names, dates of birth, and Social Security numbers. You will also need to provide information about your income and any other credits or deductions you are claiming. If you are claiming the child tax credit for the first time, you may need to provide additional documentation to prove that your child is a U.S. citizen or national.
When to Expect Your Payment
If you filed your taxes early and are expecting a refund, the IRS will begin processing your return and sending refunds in mid-February. However, if you are claiming the child tax credit, you will not see your refund until the week of March 15. The IRS will start processing returns claiming the child tax credit and other refunds on February 27.
When you can expect your payment if you filed your taxes
If you filed your taxes and are expecting a payment, you should receive it within 21 days. The payment will be issued either by direct deposit, check, or debit card. If you opted to have your payment delivered by check, it will be mailed to the address listed on your tax return.
When you can expect your payment if you have not filed your taxes yet
The IRS has not yet said when it will start making Child Tax Credit payments in 2021. The agency has said that it will start issuing the payments “as soon as possible” after March 17, the start of the 2021 tax filing season. So, if you have not filed your taxes yet, you can expect to receive your payment sometime after that date.