Child Tax Credit Update Calculation for Monthly Payments 2021

The child tax credit calculation just got a little more complicated. The child tax credit has two main payment parts. The first is the child tax credit which increased from $2,000 to either $3,000 or $3,600 per child. The second is the monthly payments that may begin in July.
In this video I’m talking about the child tax credit calculation to also determine your monthly payments. The amount you qualify for could potentially be increased if you lower your income. The calculation for the advanced monthly child tax credit also includes the phase out for 2021. If you’re near the phase out then you could possibly reduce your income by contributing to a retirement plan.
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