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To receive the remaining Child Tax Credit, you will need to enter your advanced payments and TurboTax will automatically calculate the additional amount for your 2021 return. Please follow these steps:
If you received $5,100 in advance, make sure to enter it as it appeared on your Letter 6419 which should split the amount evenly between you and your spouse. If you enter $5,100 for both of you, then the system will think you already received the full $10,200.
So would the "Your tax breaks" screen in turbo tax show "advance payments, child and other dependent tax credits" as $10,200 or $5,100? Right now it shows $5,100 which in mind is saying that I am receiving the second half of my credit. If that is the case why did my federal return basically go down by almost the same amount as the child tax credit I received in 2021?
Look at the form 1040 line 28 ...
You can peek at only the Federal form 1040 and the summary of the state info by going here:
1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"
Then hit the "Back" on the left side to get back to your tax entries.
To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.
To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.
Correct, the $5,100 is showing that you are getting that remaining credit on your 2021 tax return. The reason your return went down by $5,100 when you entered the Advanced Child Tax Credit is that before you entered that you had already received the $5,100, the credit on the tax return was for the full $10,200.
As @Critter-3 instructed, to verify that you are receiving the $5,100 on your tax return, you can follow these steps:
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