Child tax credit calculating wrong value. Should be 12,600 for 4 kids. 3000 x 3 3600 x 1 = 12,600 Currently showing $6300 (which is the advance amount). Am I wrong?

[xmasbaby0 · Accepted solution]

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.

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.

And…..Ignore that “refund monitor.”  The software STARTS OFF by giving you the full amount of CTC.   When you enter the amounts from your letter, the software reconciles the amount you received with the amount you can still get IF you are eligible to get the other half.     You are NOT losing any of the credit; you are not being taxed on the credit.  Don’t get confused by the reconciled amount.   You got some of it already—-now you get the rest.

 If you received the advance payment and are NOT eligible to get the other half, then it will not show up on line 28.  (Such as in some cases where the wrong parent got the advance payments, etc.)

That “refund monitor” should not be taken seriously until every last morsel of your data has been entered.

[RobertB4444]

Yes, you are wrong.

The original credit was $12,600. 

You received $6,300 as advance payments in 2021. 

The remaining credit for your tax return is $6,300.

[katerbergk]

I wondered about that.  The way that is displayed in Turbo Tax seems it could/should be clearer.  After messaging but before I got replies I messed with my inputs into TurboTax and put that I didn't get the advance payment and it went up by the 6300.   The part that got me thinking it was wrong was where it displayed last years tax credit vs this years tax credit and it showed it going down.  IMO it should show the full credit in the summary, (with parenthesis of x amount already received) 

[katerbergk]

I think the GUI - user interface display could be much clearer of x amount total child tax credit, x amount already received.   Thanks your your help.