I have 3 children (9y, 1y, and a 4 month born 9/2021). The 9y is with my exwife and we alternate tax years. I claimed her on my 2020 taxes (even years).
I did receive the 6 advanced child tax credit payments for the 9y (and now realized I should of opted out). Also received the 6 payments for the 1y. We received 6x $550 dollar payments ($3300 total).
As I prepare for our 2021 tax filing (Married, jointly, same as last year), I won't be able to claim the 9y.
A few questions;
1. I assume I am going to have to pay back the payments for the 9y($1500) as I can't claim her?
2. I will get the full credit for the new baby (4 month old), which is $3600 + the remaining for the 1y, $1800 for a total of $5400 credit?
3. Looking at my total credits, it will actually be $5400 - $1500 (repayment for 9y) = $3900 credit?
4. Any special forms I need to fill out for IRS this year? Typically our taxes are pretty easy, just don't want to mess anything up
5. Any thing else I should be aware of?
Thanks!
