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?
02411
2 Replies
DoninGA
Level 15
Jun 18, 2021 12:02:27 PM
Yes. You must reconcile the advance payments received for the Child Tax Credit on the 2021 tax return.
Mike9241
Level 15
Jun 18, 2021 12:59:37 PM
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.