Yes- if the total amount of the advance Child Tax Credit payments is greater than the Child Tax Credit amount that can be properly claimed on the 2021 tax return, the entire excess amount may need to be claimed on the 2021 tax return as additional income tax.
However, if you are eligible for repayment protection, you will not be required to repay some or all of your excess advance Child Tax Credit payments. Repayment protection is an income-based program that reduces the amount of excess advance Child Tax Credit payments you have to repay.
To be eligible for full repayment protection, your adjusted gross income (AGI) for the 2021 tax year must be at or below the following:
- $60,000 if you are married and filing a joint return or if filing as a qualifying widow or widower;
- $50,000 if you are filing as head of household; and
- $40,000 if you are a single filer or you are married and filing a separate return.
You won’t qualify for any repayment protection if your modified AGI is at or above the amounts listed below based on the filing status on your 2021 tax return:
- $120,000 if you are married and filing a joint return or if filing as a qualifying widow or widower;
- $100,000 if you are filing as head of household; and
- $80,000 if you are a single filer or are married and filing a separate return.
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