Child Tax Credit Not Updated

[miannehess]

The child tax credit has not been updated yet.  When will this update be available?

[xmasbaby0]

The software has been updated for the child tax credit.  Why do you think it has not been updated?

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.

[miannehess]

I'm under the $400,000 of income, filing jointly, and should be getting $6,600 ($3,600 for a 3 year old and $3,000 for an 11 year old).  I got $2,700 in advance payments, so my credit should be $3,900 and it's calculating $2,600.  

[xmasbaby0]

You do not mention how much income you actually received--just that it was under $400K.

You might be getting a phased out amount of CTC.

Q A5.  Will the amount of my Child Tax Credit be reduced if my 2021 income is too high? (added Janua...

A5. Yes, if your 2021 income is high enough, the amount of Child Tax Credit you can claim will be reduced.  The amount of your Child Tax Credit will not be reduced if your 2021 modified adjusted gross income (AGI) is at or below:

• $150,000 if you are married and filing a joint return, or if you are filing as a qualifying widow or widower;
• $112,500 if you are filing as a head of household; or
• $75,000 if you are a single filer or are married and filing a separate return.

[miannehess]

ok that answers it... thank you