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candacebaird
Level 1

Alternating years for dependent

Hiii! 
I claimed my youngest on my 2020 taxes and I am receiving the CTC payment for him now. Next year his father is going to claim him. Technically since I am not claiming him for 2021 taxes I know I shouldn’t be the parent receiving the CTC. I also have another dependent who I claim every year, I’d like to keep the CTC for him, is there a way to opt out for one child but not the other? 
If not, how does me keeping the CTC payments affect my taxes when it comes to file next year?

thank you in advance! 

4 Replies
KochuK
Employee Tax Expert

Alternating years for dependent

Hi candacebaird, thank you for joining the "Ask the Experts: New Dependent" special forum today.

 

 

If you prefer not to receive monthly advance Child Tax Credit payments because you would rather claim the full credit when you file your 2021 tax return, or you know you will not be eligible for the Child Tax Credit for your 2021 tax year, you can unenroll through the Child Tax Credit Update Portal (CTC UP). CTC UP will allow you to unenroll before the first advance Child Tax Credit payment is made.

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-t...

Later this year, you should be able to use the Child Tax Credit Update Portal to update qualifying child information (not available now.)

For more information regarding CTC UP, see Topic F: Updating Your Child Tax Credit Information During 2021.

 

Depending on your filing status and income level, you may or may not have to pay back the excess Advance payments (your youngest child) in your 2021 tax filing due to "repayment protection." Please refer to below link, questions/answers H4- H8 for various scenarios: full protection, partial protection, no protraction.

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-t...

 

 

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Kitty12
Level 1

Alternating years for dependent

This helped sooooo much!! Thank you!!!!

Kitty12
Level 1

Alternating years for dependent

It’s based on 2020 though, so wouldn’t it be if you can claim 2020, then the parent claiming 2021 wouldn’t be eligible? Who claims in this case?

candacebaird
Level 1

Alternating years for dependent

From my understanding the CTC we are receiving now is being given to us in advance, it is based on the income year 2021 not 2020. 

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