I followed the instructions and submitted my taxes but found out afterwards the child tax credit was not accurate so, my returned dropped in half. I have to use these returns for financial support.
Is there a way to correct the return value to match what I received?
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You were required to enter the Total amount of the advance child tax credit you received during the months of July thru December 2021 on your 2021 tax return. If you entered an incorrect amount then the IRS adjusted your tax return to reflect the amount you should have entered.
The advance child tax credits received in 2021 reduce the amount the Child Tax Credit you were eligible to receive on your 2021 tax return.
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.
Since the IRS adjusted your tax return there is no need to amend the 2021 tax return that you filed.
I get that but that did not answer the question asked.
I don’t want to amend my taxes either. Is there a way to updated the value that turbo tax shows as my refund as it is not accurate? What are the steps? I want accurate records to look back at.
@Moreplease - not positive of the approach, but if you go to Schedule 8812, line 14f, THAT is the line you want to adjust to reflect what you REALLY received (and the reason the IRS adjusted your tax return). That should bring your tax return into line with how the IRS adjusted the return. Maybe just overriding it will adjust all the downstream results?????
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