topic Turbotax 2021 child tax credit total doesnt seem right or only half? 2022 tax year back to 2k per child? in Deductions & credits

Turbotax 2021 child tax credit total doesnt seem right or only half? 2022 tax year back to 2k per child?

theskyisthelimit99 — Wed, 09 Feb 2022 20:26:14 GMT

We have two kids, age 5 at end of 2021 and 15.. We received advanced child tax credits of $3300 total for the two kids.

It was my understanding this is only half of the total credit that should be $6600? ($3000 and $3600 second half)?

I put in the two values from letter 6419, that makes the total deduction $3300 not 6600 in the system?

Am i missing something here? Or was the 6600 not correct? (the last tax return in 2021 tax year was 4000, which was more, so this doesnt seem correct for 2021 tax year)?

Thanks in advance

Re: Turbotax 2021 child tax credit total doesnt seem right or only half?

DoninGA — Wed, 09 Feb 2022 20:23:05 GMT

Based on the age of the children in 2021 your Total Child Tax Credit on the 2021 federal tax return would be $6,600 minus the advance child tax credit payments you received in 2021 from the IRS. So $6,600 minus $3,300 equals $3,300. The $3,300 is entered on your federal tax return Form 1040 Line 28.

The credit is included with your other tax payments and your total taxes are subtracted from your total tax payments with the result being your tax refund.

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

Re: Turbotax 2021 child tax credit total doesnt seem right or only half?

MinhT1 — Wed, 09 Feb 2022 20:23:51 GMT

If you answered correctly the TurboTax questions in the Child tax credit section, the balance of your child tax credit should be included in your refund. It is not shown separately.

To check that the balance of the child tax credit is included in your refund, you can preview your form 1040 and check that the child tax credit is correctly calculated on line 28 of your form 1040. In your case, line 28 should be $3,300.

Please preview your form 1040 by following these steps:

In TurboTax, open your return
In the left-hand column, locate Tax Tools, click on the drop-down arrow then click on Tools
On the Tools Center page, click on View Tax Summary
In the left-hand column, click on Preview my 1040
Your form 1040 will display.
Scroll down to line 28 - Refundable child tax credit or additional child tax credit from form 8812 and you should see the amount of this credit on this line.

Re: Turbotax 2021 child tax credit total doesnt seem right or only half?

theskyisthelimit99 — Wed, 09 Feb 2022 20:25:53 GMT

Oh i guess that makes sense, i expected it to show the "total value" in the spot next to it, i guess its only showing the second half credit since the original credit already went out.

Does anyone know if these values were to stay the same for next tax season, even without the advance, or is it supposed to revert back to 2k per kid for the 2022 tax year?

Re: Turbotax 2021 child tax credit total doesnt seem right or only half?

MarilynG1 — Sat, 12 Feb 2022 04:04:20 GMT

The Child Tax Credit will revert back to 2K per child unless the 'Build Back Better Act' is passed by the Senate and Congress.

Keep an eye on the news.