I understand you are wanting to continue to receive the advance Child Tax Credit for your two dependents that will be on your 2021 tax return. Great idea to set aside the excess advance and be prepared.
When you file your 2021 tax return during the 2022 tax filing season, you will need to compare:
- The total amount of the advance Child Tax Credit payments that you received during 2021; with
- The amount of the Child Tax Credit that you can properly claim on your 2021 tax return.
Excess Advance Child Tax Credit Payment Amount: If you receive a total amount of advance Child Tax Credit payments that exceeds the amount of Child Tax Credit that you can properly claim on your 2021 tax year, you may need to repay to the IRS some or all of that excess payment.
In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed to you during 2021. Please keep this letter regarding your advance Child Tax Credit payments with your tax records. You may need to refer to this letter when you file your 2021 tax return during the 2022 tax filing season.
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