topic Taxes in After you file

Taxes

yapah__ — Wed, 21 Jul 2021 13:40:39 GMT

How come that I received the incorrect amount on the child credit for the month on July. When I file my taxes correctly? Who do I contact to get help with the situation? No information is on the IRS about receiving the incorrect amount for the child credit deduction.

Re: Taxes

xmasbaby0 — Wed, 21 Jul 2021 13:48:35 GMT

We do not know if you received an incorrect amount since you have not told us the ages of your children or how much you received. The amount you receive is based on how old the child will be at the END of 2021. If you are not receiving the right amount on the monthly payments you will be able to reconcile it when you file your 2021 tax return.

Q C1. What is the amount of the Child Tax Credit for 2021? (added June 14, 2021)

A1. For tax year 2021, the Child Tax Credit is increased from $2,000 per qualifying child to:

$3,600 for children ages 5 and under at the end of 2021; and
$3,000 for children ages 6 through 17 at the end of 2021.

Note: The $500 nonrefundable Credit for Other Dependents amount has not changed. For more information about the Credit for Other Dependents, see IRS Publication 972, Child Tax Credit and Credit for Other Dependents PDF.

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-a-general-information

Re: Taxes

fanfare — Wed, 21 Jul 2021 14:09:32 GMT

go to the evolving IRS portal to update your information,

OTHERWISE

file a 2021 return to reconcile the credits you are eligible for but did not get already.

Re: Taxes

yapah__ — Wed, 21 Jul 2021 14:56:57 GMT

Okay maybe I don’t understand so I only received $1000 for the month of July and I have five children 12/2005,05/2011,11/2012,10/2018, 05/2020

Re: Taxes

yapah__ — Wed, 21 Jul 2021 14:58:26 GMT

I file tax back in February so everything is up to date

Re: Taxes

xmasbaby0 — Wed, 21 Jul 2021 15:35:08 GMT

@yapah__ It sounds like you are getting the $250/month for four of your children. They might not have counted the child born in 2020 for the advance payments. It is possible that they used your 2019 return to calculate your monthly amount instead of your 2020 return. You will still be able to get the CTC for the baby when you file your 2021 tax return.

Or....as stated above....the IRS continues to tweak the portals for entering information so later in the summer you might be able to enter the youngest child on the IRS portal.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Re: Taxes

yapah__ — Wed, 21 Jul 2021 15:56:45 GMT

Yes I think that’s what happened is that I received 250 for four children when actuality I said I receive 250 for three children and 300 for two children. I haven’t seen anywhere on the irs.gov website where I can update the information to be correctly I have already filed my taxes back in February. I had the same issue with my stimulus check I was given the incorrect information because they were using taxes that was not up-to-date

Re: Taxes

xmasbaby0 — Wed, 21 Jul 2021 16:08:45 GMT

As stated------there will be a portal where you might be able to enter updated information for your children but that portal is not yet working. And...again...you will eventually get all of the child tax credit --- even if you have to wait for some of it on your 2021 tax return. You will receive the correct amount based on the ages of your children at the end of 2021---it is just a matter of WHEN you will receive it.

TurboTax has no control over this. This is all being handled by the IRS. Please be patient while they sort out a brand new system that had to be thrown together when Congress changed the tax laws in the middle of the tax season. There are going to be bugs, glitches and mistakes --- they will sort it out.