The payments they are issuing this year are an advance on your child tax credit. Depending upon other details of your tax return, you will either get a smaller refund next year, or may even end up owing. For example, if you would have received a $6,000 refund next year, and you get $1,500 in advance payments, your refund will be reduced to $4,500. But if you were only set to get $1,000 back, you would owe $500 when you file your return.
Nick K, EA
