Only the parent that actually claims the child will be entitled to the child tax credit (CTC). If you said that their other parent was claiming the dependent, then only that parent will be entitled to the CTC. If you received the advance, then you may have to pay it back.
The earned income tax credit (EIC) is only allowed to be claimed by the custodial parent regardless of the exemption is waived to the noncustodial parent. If the other parent is not claiming the dependent, then you may need to amend your tax return. This will not be available until February 24th. Read all instructions before you begin should you choose to amend.
TurboTax calculates the Repayment Protection. This determines if a person is required to repay the advance CTC.
What is Repayment Protection?
Repayment protection is an income-based program that reduces the amount of excess advance Child Tax Credit payments you have to repay.
Full repayment protection equals $2,000, multiplied by the following:
- The number of qualifying children that the IRS took into account when estimating your advance Child Tax Credit payments, minus
- The number of qualifying children you’re claiming on your 2021 tax return.
To be eligible for full repayment protection, your adjusted gross income (AGI) for the 2021 tax year must be at or below the following:
- $60,000 if you are married and filing a joint return or if filing as a qualifying widow or widower;
- $50,000 if you are filing as head of household; and
- $40,000 if you are a single filer or you are married and filing a separate return.
You won’t qualify for any repayment protection if your modified AGI is at or above the amounts listed below based on the filing status on your 2021 tax return.
- $120,000 if you are married and filing a joint return or if filing as a qualifying widow or widower;
- $100,000 if you are filing as head of household; and
- $80,000 if you are a single filer or are married and filing a separate return.
For information on the definition of modified AGI, see Topic C: Calculation of the 2021 Child Tax Credit.
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