steveftse1
Returning Member

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.