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Deductions & credits
I've read through all of these posts and also similar messages. I think the only way to explain it is actually showing THE PROBLEM that Turbo Tax is having. I'll answer all the questions- we have two kids, we (unfortunately) received the Adv CTC for them early. So $1500 each. We make less than $150,000 married filed jointly so we should receive ANOTHER $1500 for each child. The screenshots that I'll attach here will actually describe the problem. I entered that we received the Adv CTC but you'll see that under 2021 "Child and Other Dependent Tax Credits" it shows "$0." It should show $3000 here to go against what we owe. I see the second half $3000 is listed in the "Additional Child Tax Credit" which is what we are getting now. Basically, what I'm seeing is a HUGE PENALTY for taking the Advanced CTC because now that $3000 is not posting against my total of what I owe. And in the end, we are actually LOSING that money because now we owe $2155 in taxes....which we have never owed in the Fed...because we get a child credit every year that posts against our total owed. You can see this in the difference in the total from last year to this year as an example. And no, TT did not automatically start me off with the full credit. Because if I back out the Adv CTC, it will end up giving me the full $6000 right there next to the "Child and Other Dependent Tax Credits." This is a major glitch and needs to be fixed ASAP.