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Deductions & credits
Box 4 Child tax credit is check for both my children but blank for Credit for other dependents.
Children were not adopted. I got a 4,000 Child Tax Credit and 1,200 for Credit for Dependent Care.
If I go under turbotax 2020 federal review and put in 1st stimulus $2,900 (1200 husband +1200 wife + 500 child) my tax owed jumps from a refund of (133) to tax due 1,794. Tax due jumps to 2,721 assuming I got a 2nd stimulus payment of 1,800.
Correct me if I'm wrong. It looks like I am paying back most of the excess stimulus check because it was assumed my AGI would be 130K and not actually 180K. Also, 2nd child is not considered. Should I not be getting an addition credit of $500 on 1st and $600 on 2nd stimulus.
I am confused.
‎June 2, 2021
12:51 PM