topic Child in Deductions & credits

Child

Ahonodel_91 — Wed, 21 Jul 2021 13:22:51 GMT

I keep hearing if I take my child tax credits now instead of turning them down I'm going to owe money next year...why? They owe it to us and I've never had to pay it back before. Someone please explain this because I dont understand

Re: Child

Nick-K-EA — Wed, 21 Jul 2021 13:30:28 GMT

The payments they are issuing this year are an advance on your child tax credit. Depending upon other details of your tax return, you will either get a smaller refund next year, or may even end up owing. For example, if you would have received a $6,000 refund next year, and you get $1,500 in advance payments, your refund will be reduced to $4,500. But if you were only set to get $1,000 back, you would owe $500 when you file your return.

Re: Child

Linda28265 — Mon, 06 Feb 2023 04:00:09 GMT

Hello I'm confused I file head of house hold with one dependent but i started a new job and had a baby this year I add all that to my taxes but it's saying I'll be getting a really small refund next year.

Re: Child

DMarkM1 — Mon, 06 Feb 2023 14:16:59 GMT

Typically if your refund is lower than expected in the year a dependent child is born the reason is one did not claim that the child lived with you the entire year. When a child is born or dies during the tax year you file as though the child was alive the entire year.

Go to the "My Info" section and "Edit" your dependent information. Be sure the select the child lived with you 12 months assuming he or she lived with you the entire time they were alive.

You can then check your forms to ensure your child was considered for the Child Tax Credit. Find your dependent and verify the box for the Child Tax Credit is marked. You can also check lines 19 and 28 for credits.

To view your forms in TurboTax online versions:

"Tax Tools" in the left hand menu
"Tools"
"View Tax Summary" in the main screen
"Preview my 1040" in the left hand menu