2623222
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Advance child tax credit being added as taxes owed

I received advance child tax credit last year. However, when I enter the amount received in Turbo tax it adds the exact amount I received as taxes owed to IRS. This is what Turbox tax itself says:
"The total Child and Other Dependent Credits you qualify for is $4,000. You already received $2,450 of this as advance payments. You'll get the remaining $1,550 on your return, which comes from subtracting your $2,450 in advance payments from your total credit of $4,000."

But that's not what's happening. Is this a bug in Turbo tax? Anyone else encountered the same issue? I would really like to not pay what I don't actually owe.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Advance child tax credit being added as taxes owed

The Child Tax Credit is entered on your federal tax return Form 1040 on Line 28. It is added to your other tax payments, it is not a separate refund. Your Total taxes from Line 24 are subtracted from your Total tax payments on Line 33. If you have an overpayment then that is entered on Line 34 as your federal tax refund.

If your Total tax payments on Line 33 are less than the Total Taxes on Line 24 you will have taxes owed reported on Line 37.

 

You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question