2021 Child Tax Credit and Advance Child Tax Credit Payments

[Chriss1241]

I have 3 children (9y, 1y, and a 4 month born 9/2021).  The 9y is with my exwife and we alternate tax years.  I claimed her on my 2020 taxes (even years).

I did receive the 6 advanced child tax credit payments for the 9y (and now realized I should of opted out).  Also received the 6 payments for the 1y.  We received 6x $550 dollar payments ($3300 total).  

As I prepare for our 2021 tax filing (Married, jointly, same as last year), I won't be able to claim the 9y.  

A few questions;

1.  I assume I am going to have to pay back the payments for the 9y($1500) as I can't claim her?

2.  I will get the full credit for the new baby (4 month old), which is $3600 + the remaining for the 1y, $1800 for a total of $5400 credit?

3.  Looking at my total credits, it will actually be $5400 - $1500 (repayment for 9y) = $3900 credit?

4.  Any special forms I need to fill out for IRS this year?  Typically our taxes are pretty easy, just don't want to mess anything up

5.  Any thing else I should be aware of?

Thanks!

[xmasbaby0]

In January you  are going to receive a letter 6419 from the IRS that shows how much of the advance CTC payments you received.   You will enter that information into the software carefully and accurately.   Based on the dependents you are claiming ON YOUR 2021 tax return, it will reconcile the amount of CTC you can still receive.  Watch line 28 of your Form 1040.

Make sure you have entered your newborn child as a dependent in My Info, and that you have entered the child's Social Security number. If your child was born in 2021make sure you said he lived with you the whole year.  There is an oddly worded question that asks if the child paid over half their own support.  Say NO to that question.

[Vanessa A]

Yes, based on the information provided, you should get $3,900 for the remaining Child Tax Credit.  

As you go through and answer the questions in TurboTax, form 8812 will automatically be filled out for your child tax credit, just be sure to answer the questions accurately and you should be good to go.