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movybuf
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If I take the advanced payments for the Child Tax Credit, will that lower the amount of money I get as a refund for 2021?

For example, if I typically get $3,000 back when I file my taxes would I get less than that for my 2021 refund if I take the advanced payments?
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2 Replies

If I take the advanced payments for the Child Tax Credit, will that lower the amount of money I get as a refund for 2021?

Yes.  You must reconcile the advance payments received for the Child Tax Credit on the 2021 tax return.

If I take the advanced payments for the Child Tax Credit, will that lower the amount of money I get as a refund for 2021?

however, in total, the refunds are likely to be more since the CTC has increased. you'll receive part of your refund with the advance CTC payments and the balance when you file.

 

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