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Get your taxes done using TurboTax
Ok ... let me see if I can shed some light on this situation that many folks will find themselves in ... that advance was not the best thing to happen.
Last year the credit was $2000 of which only $1400 could be refunded after taxes were paid down.
This year the credit is $3000 (or $3600) of which you got 1/2 up front leaving just $1500 (or $1800) for the credit on the return to pay down your tax bill.
So last year the credit on the return was $2000 and this year it is only $1500(or $1800) ... you are short $500 (or $200) on the return. You are thinking the credit went up so my refund should be more but remember you got some in advance. Review the 2020 & 2021 returns side by side to see this in action.
‎January 10, 2022
4:01 PM