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cjkey
Returning Member

Child credit and economic impact payments:

Why is my Economic Impact Payment on Letter 6475 showing up on Child Tax Credit (ref: Letter 6419) and added to tax due?

 

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1 Reply

Child credit and economic impact payments:

Sorry---you may not be following the way the calculations work.  

 

What you may not realize is that as soon as you began to prepare your tax return, the software was giving you the recovery rebate credit and the child tax credit and it was shown on that "refund monitor" -----but when you entered that you received it already, the software had to reconcile the payment you received,   You cannot get it twice---so it looked to you like you "lost" the  credits.   You did not lose them---you just cannot get them twice.

 

 

And if letter 6475 showed up in the wrong place that means you entered it in the wrong place.   You enter letter 6475 in Federal Review.

 

And for Letter 6419:

Federal>Deductions and Credits>You and Your Family>Child Tax Credit

 

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.   Then it will calculate down to the refund you see on line 35a or the tax due on line 37.

 

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.

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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