Perhaps, you qualify for the 'first phaseout' and any advance payments that you received offset the Child Tax Credit received?
If you can view the entire 2021 1040 Federal tax return at Tax Tools / Print Center, you will see:
- Line 12 of Federal Schedule 8812 which computes the total Child Tax Credit, and
- Line 28 of the Federal 1040 which reports the refundable amount.
The full amount of the Child Tax Credit is not reported on the 2021 1040 Federal tax return, only the net amount after applying the advance payments.
To view Federal 1040 line 28, go to Tax Tools / Tools / View Tax Summary / Preview my 1040.
The Child Tax Credit phases out in two different steps based on your modified adjusted gross income (AGI) in 2021.
The first phaseout can reduce the Child Tax Credit to $2,000 per child as follows:
- The first phaseout step can reduce only the $1,600 increase for qualifying children ages 5 and under, and
- The $1,000 increase for qualifying children ages 6 through 17, at the end of 2021.
The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:
- $150,000 if married and filing a joint return or if filing as a qualifying widow/widower;
- $112,500 if filing as head of household; or
- $75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.
The second phaseout can reduce the remaining Child Tax Credit below $2,000 per child.
@djs0522
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