Turbo tax missed $1500

[samarella]

Child tax credit error now I owe $1500 more

[NCperson]

please look on Line 28 of Form 1040

you were entitled to $3000 for a child age 6-17

but if you already received $250 per month for the 6 months of JUly - December, 2021, then you already received $1500

therefore, only the remaining $1500 should be on Line 28 - I suspect $3000 is there and the IRS caught the error.

[samarella]

Line 28 lists $4500! What went wrong?

[NCperson]

@samarella 

how many children do you have under 6 years old? how many children do you have between the ages of 6 and 17? 

How much did you receive EACH MONTH for the 'advance child tax credit' during the months of July- December???  (should have been $250 for each child ages 6-17 and $300 per month for each child under the age of 6)

once you answer those questions I can explain 'what went wrong'.

[samarella]

2 children between 6-17. Received $250 for each.

[NCperson]

then here is the problem... if you received $250 for each for 6 months, that is $3,000.  I suspect when TT asked how much you had received from July - Dec, you only entered $1500, instead of $3000.

You are entitled to $6,000 ($3000 per child) but if stated you only rceived $1500, then Line 28 would have been $4500, which inflates your refund by $1500

You are entitled to $6,000 ($3000 per child) less the $3000 already received so Line 28 should reflect $3,000 remaining. As the IRS knew they sent you $3000, they took the $6000 you were entited to and subtracted the $3000 you already received and noted that Line 28 should have been $3000 and not $4500.  They reduced your refund by that difference, or $1500.

[Critter-3]

If you had 2 kids between 6 & 17 then the CTC would have been $6000 ($3000 x 2)  and you got $3000 in advance then the credit on line 30.  But you say it is $4500 which the IRS corrected to $3000.  I will guess that you only entered $1500 because you only got one 6419 letter  and not two ( one for each spouse) and only entered the $1500 reported on the notice and not the entire $3000 you actually got in advance.