Since the purpose of the Child Tax Credit stimulus is to help American families that were financially hurt by the pandemic, it is not meant for people earning a lot of money. Those earning more than $150,000 if married and filing jointly or $75,000 for single filers will receive less than the maximum amount per child. 

The amount declines by $50 for every $1,000 over those income thresholds until it gets to the original amount of the Child Tax Credit which was $2,000 per child. For taxpayers earning $400,000 if married and filing jointly or $200,000 if filing any other way, this reduction of $50 for every $1,000 above this second income threshold continues until the Child Tax Credit is eventually phased out to nothing.

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How Much Money Is It and When Will You Get It?

There are online calculators that can determine the exact amount of the Child Credit based on the number of children in each age range along with the taxpayers’ income.

The Child Tax Credit benefits will be dispersed to the qualifying individuals over the course of a few months. 

These are the dates the Child Tax Credit payments will be sent out:

  • July 15, 2021
  • August 13, 2021
  • September 15, 2021
  • October 15, 2021
  • November 15, 2021
  • December 15, 2021

Once the total amount of the Child Tax Credit is calculated, half of that will be sent to taxpayers by the IRS.

Taxpayers will get the money in the same way as they registered with the IRS in the previous tax year: either direct deposit or a paper check mailed to their address on file. Direct deposit information and addresses can be changed on the IRS’ Child Tax Credit Update Portal.