I received a notification from IRS today, saying I owe $3,324 due to an error in my 2021 Form 1040 about Refundable child tax credit.
I am filing MFJ w/ two children under 3 years old. Our total income for 2021 was between $150,000 and $400,000. However, in 2020 it was lower than 150K and we qualified for the Economic Impact Payment.
Here are those possible reasons listed in the letter:
1. The computation of the credit on Schedule 8812 was incorrect.
2. The amount on Schedule 8812 was not transferred correctly to your tax return.
-This means I figured the correct amount on Form 8812, but transferred it to Form 1040 incorrectly. I find that unlikely when I am using Turbo Tax.
3. You received advance child credit payments but did not reconcile them or reconciled them incorrectly.
-We only received The Economic Impact Payment which is not an advance Child Tax Credit payment. Since I did not receive any advance Child Tax Credit payments, I entered zero for that but tried to log in to verify and got an IRS server error.
Will someone @turbo Tax help me? Please!
