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Divorced Parent claiming advanced credit
Hi, my ex husband and I alternate claiming our child in our taxes every other year. 2021 is supposed to be my year but because he claimed them in 2020, they are sending him the advanced credit for 2021. I told him before all of this that he should opt out of it and he didn’t. Will he have to pay it back? Will I still get the full $3000.00 credit when I file my taxes?
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Divorced Parent claiming advanced credit
The monthly payments are an advance on the credit which will be reconciled on the 2021 return. So assuming you do get the credit in 2021, you'll get the full amount, and he will get dinged on his return for the payments he received.
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Divorced Parent claiming advanced credit
Assuming I get the credit? Meaning what? What would keep me from qualifying for the credit?
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Divorced Parent claiming advanced credit
we don't know your 2021 tax situation the CTC gets phased out for taxpayers filing head of household with AGI over $112,500. Nor do we know the ages of your children in 2021. dependents over 17 on 12/31/2021 don't qualify.
if you take the credits in 2021, he gets dinged for the advanced payments he wasn't entitled to