While you should pay the Advance Child Tax Credit back ASAP, you can input the payment on your tax return and have it calculate into your total amount due or reduce your refund. I would only advise this if you are filing now and paying now if any amount is due.
To enter info for the Advance Child Tax Credit please follow these steps:
- Sign in to TurboTax and open or continue your return.
- Search for Child Tax Credit.
- Click the Jump to child tax credit link and Continue.
- Answer the question on the Let's start with where you spent the most time in 2021 screen and Continue.
- On the Tell us about any advance Child Tax Credit payments screen, answer Yes, enter the amount from your letter in the Tell us about any advance Child Tax Credit payments box, and Continue.
- Answer the questions on the following screens, confirm your amount on the Let's recheck your advance Child Tax Credit payments screen, and Continue.
Since you are not claiming your daughter as your dependent this year, be sure you have removed her from your tax return information and TurboTax will calculate the fact that you are not entitled to the remaining credit amount automatically. Your wife will be able to claim the full credit regardless of how you handle your situation.
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