@mpearce22 wrote:
Turbo tax is not asking me to enter box 2 from the 6419 letter?
I have filled everything out for our taxes. Without the CTC added to the taxes my child credit is $6k. When I add it in it moves to $3k which makes sense because I received $3k. But... then $3k is added to my federal owed which to me negates the $3k I received in advance. The federal owed amount shouldn't change, the credit should just get adjusted to $3k.
If you received the advance child tax credit in 2021 you are required to report the payments on your 2021 tax return.
To enter the advance child tax credit
- Click on Federal Taxes
- Click on Deductions & Credits
- Click on I'll choose what I work on (if shown)
- Under You and Your Family
- On Child and Other Dependent Tax Credit, click on the start or update button
Or enter child tax credit in the Search box located in the upper right of the program screen. Click on Jump to child credit
The Child Tax Credit is entered on your federal tax return Form 1040 on Line 28. It is added to your other tax payments, it is not a separate refund. Your Total taxes from Line 24 are subtracted from your Total tax payments on Line 33. If you have an overpayment then that is entered on Line 34 as your federal tax refund.
You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
