topic Advance child tax credit and remaining amount due in Deductions & credits

Advance child tax credit and remaining amount due

sheryl.mcnabb — Thu, 03 Feb 2022 23:17:36 GMT

We received $1500 in advance tax credit from June-December 2021. When I enter my taxes, I added those payments in and it subtracted that $1500 from my refund. At the start of the deduction page, it only shows $1500 child tax credit. Since it already deducted from my refund, shouldn't the tax credit show I'm getting $3000 since I'm married filing joint and make less than $150k per year? It appears since it says $1500 on the 2021 deduction summary, and I paid $1500 with my refund, that I'm not getting the other half ($1500) I'm entitled to. That would mean I'm getting 0 back as the remaining amount due. How can I make sure that I'm getting the other half in my refund? And shouldn't the credit show $3000 and not $1500?

Re: Advance child tax credit and remaining amount due

sciguy — Thu, 03 Feb 2022 23:30:18 GMT

I would also like to understand this, because same thing happened to me. I received 50% of my total calculated CTC in the advanced payments. When I enter that into my TurboTax, it deducts it completely from my refund and I apparently don't get opportunity to get the rest of the CTC. Seems a bit unfair. Where did the other 50% go?

Re: Advance child tax credit and remaining amount due

AmyC — Thu, 03 Feb 2022 23:38:06 GMT

Look at your actual tax return. Verify credit on line 28 of $1500 is showing. Your tax liability is unknown to us. We can't see your return.

To view your return,

If you are using the online version:
1. go to Tax Tools,
2. then select Tools,
3. select View Tax Summary,
4. on the left side, select Preview My 1040.
In the desktop program, switch to forms mode.

Re: Advance child tax credit and remaining amount due

AmyC — Thu, 03 Feb 2022 23:41:31 GMT

The meter is not what you need, it starts with assumptions.. Please view your actual tax return as described above.

Re: Advance child tax credit and remaining amount due

sheryl.mcnabb — Fri, 04 Feb 2022 00:19:24 GMT

Thank you. It shows $1500 on line 28, but since it subtracted my advance from my refund, shouldn't it be $3000? If it shows $1500, and $1500 was deducted from my refund, that would be $0 credit that I got. If it said $3000, and it deducted $1500 from my refund, then the credit would be $1500.

This is how it appears to be calculating it.

$1500.00 credit on line 28

-$1500.00 subtracted from my refund

=$0

This is how it should be calculated.

$3000.00 credit on line 28

-$1500.00 subtracted from my refund

=$1500.00 credit being refunded on my return

Please correct me if I'm wrong.

Thank you!!

Re: Advance child tax credit and remaining amount due

xmasbaby0 — Fri, 04 Feb 2022 00:28:58 GMT

Start with the $1500 you see on line 28. Follow the math---Add lines 27a though line 31---what do you get?

Do you see that you just ADDED $1500 to those other numbers?

Look at your Form 1040----keep going to the line the refund is on---line 35a----that amount includes the $1500 you added.

Re: Advance child tax credit and remaining amount due

VolvoGirl — Fri, 04 Feb 2022 00:36:43 GMT

The 1500 on line 28 is the remaining CREDIT. You are getting that added to your refund or reducing a tax due. Don't watch the Refund Monitor. Turbo Tax started out assuming you did not get the full 3,000 so your refund was too high. Then at the end you entered you already got the 1500 advance it took it off. The 1500 advance does not show up anywhere on your tax return.

Re: Advance child tax credit and remaining amount due

sheryl.mcnabb — Fri, 04 Feb 2022 01:17:21 GMT

Thank you!! I didn't know I could view the forms in the tools. I was trying to view documents, but since I hadn't submitted them yet, I couldn't see them.

Re: Advance child tax credit and remaining amount due

sheryl.mcnabb — Fri, 04 Feb 2022 01:18:15 GMT

Thank you!!!