My husband and I are married and filed jointly. We had a baby in 2021, have a two year old daughter, and received no advanced child tax credits. Our adjusted gross income is less than $150,000 per year. According to all calculators, we should have received $7,200 for our child tax credit. Turbotax calculated our advance child tax credit as $4,100. When I read through the 1040 Form, only one of our children is checked for the advanced child credit. I didn't realize this until we had already submitted our return. Is this a glitch in Turbotax's system or am I misunderstanding how the child tax credit should be applied?
You are saying that you did not receive ANY of those payments that were sent out between July and December for your child? Nothing? Check your IRS online account to see if the IRS thinks you got the advance payments. Did they send you letter 6419?
https://www.irs.gov/payments/your-online-account
If you did not receive any of the advance payments then you are correct----you should get $3600 per child unless your income is too high and your credit is being phased out.
For your new 2021 baby:
Make sure you have entered your 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.
The amount you are getting is shown on line 28 of your 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.
You should also be seeing a $1400 stimulus--or recovery rebate credit-- for your baby on line 30. You have not said whether you received that credit for yourselves or your other child last year. Make sure you have gone to Federal Review to answer the questions about the 3rd EIP --- the recovery rebate credit. The IRS sent letter 6475 for that.
It sounds like when you entered the information for your child born in 2021 you didn't select that the child lived with you for the entire year. A child born in a tax year is treated as living with you if he/she lived with you the entire time since birth. So even if born on 31 Dec you get credit for the entire year.
If the child was born in Aug and you put the child only lived with you for 5 mos that would disqualify the refundable child tax credit.
As @xmasbaby0 states check the refundable credit lines 28 and 30. Also see what is on line 19 for non-refundable. It sounds like you got 3600 refundable for your two-year-old and a $500 other child credit for the newborn.
If so you will need to wait for your original return to process and then work an amendment making your newborn a dependent all year and thus eligible for the entire refundable 3600.