The Child Tax Credit has two components:
- The computation of the Child Tax Credit, and
- The reporting of advance Child Tax Credit payments for the period of July through December of 2021.
What information did the IRS give you about the change in your refund? Did they change the computation of the credit? Or did they report a different advance Child Tax payments? Or did they do both? Please clarify.
TurboTax will compute the full amount of the Child Tax Credit if you enter a dependent in your tax return and the dependent qualifies as a qualifying child.
In January 2022, the IRS sent you Letter 6419 to provide the total amount of Advance Child Tax Credit payments that were disbursed to you during 2021. You and your spouse will each receive your own letter with the total you each received.
The amount of Advance Child Tax Credit payments will be entered at the screen Tell us about any Advance Child Tax Credits.
TurboTax software will compare the credit, deduct the advance payments and post a Child Tax Credit on line 28 of the Federal 1040.
You may view the entry under Tax Tools / Tools / View Tax Summary / Preview my 1040.
See this TurboTax Help.
@dinahl1983
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