topic Re: Advanced Child tax in Deductions & credits

Advanced Child tax

mooremdtl — Sat, 05 Feb 2022 17:41:11 GMT

My wife and I received the advanced CTC (50% for our 6 eligible children). I received 2 - 6416 letters for the credits of $4500 each for my wife and I. I entered the two amounts when prompted in the software. We are married filing jointly. When I am on the review screen it only shows 9000 in CTC. Where is the rest of the CTC shown, should be 18000 total correct? Thanks

Re: Advanced Child tax

xmasbaby0 — Sat, 05 Feb 2022 17:44:15 GMT

No, you do not get another $18000 if you already got $9000. You get another $9000 and it will be shown on line 28 of your Form 1040.

The IRS is sending out letter 6419 to you. It will show the amount of advance child tax credit that you received during 2021. Enter the information from that letter carefully.

The remaining amount of CTC that you can receive will show up on line 28 of your 2021 Form 1040.

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

NOTE: The CTC is indeed a “credit” that can be applied toward any tax liability that you would otherwise have to pay as “tax due” to the IRS.

Re: Advanced Child tax

mooremdtl — Sat, 05 Feb 2022 17:46:20 GMT

thank you