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friedrichsfamily
New Member

Does the tax estimation for 2021 include the advanced child tax credit?

wondering if I am going to owe because of advance payments
3 Replies
Bsch4477
Level 15

Does the tax estimation for 2021 include the advanced child tax credit?

The advanced child credit payments will be reconciled on your 2021 tax return so if you received more than you were entitled to have you will pay the difference. 

Opus 17
Level 15

Does the tax estimation for 2021 include the advanced child tax credit?

The Turbotax TaxCaster is still working off of 2020 tax laws.   It will assume the $2000 child tax credit that was the law in 2020.  It does not currently account for the enhanced $3000/$3600 credit or the advance payments. 

 

If you mean a different tax estimator, which one do you mean?

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
fanfare
Level 15

Does the tax estimation for 2021 include the advanced child tax credit?

advance child tax credit is not taxable income.

advance child tax credits you don't qualify for you will pay back.

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