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Samiem1012
Level 1

First time filing with a dependent

We had a child in 2020 and we did qualify for the child tax credit but after entering out education information the amount of the child tax credit dropped and now we do not get the additional credits that started coming out this month why is this?

 

3 Replies
LauraJCPA
Employee Tax Expert

First time filing with a dependent

First let me say congratulations on the addition to your family!

Here is a link to the Child Tax Credit Calculator and Top 7 Requirements:
Child Tax Credit Calculator and Top 7 Requirements

 

This article will give you a good, detailed description of the credit and the requirements and limits. The IRS uses the information on your 2020 return. For example, one thing that may limit or disqualify you for the advanced credit may be your adjusted gross income. But you can update your 2021 information by using the IRS portal for the Advanced Child Tax Credit found here:


Child Tax Credit Update Portal 


I hope you find this information useful!

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Samiem1012
Level 1

First time filing with a dependent

Thank you and I have seen this before and through here and the one on the IRS website it says that we qualify for the full amount and also the advance. I honestly think I may have messed up the filing, is there a way to talk to someone such as your self about this since I filed with turbo tax?

 

LauraJCPA
Employee Tax Expert

First time filing with a dependent

Absolutely! With TurboTax Live you can call us year round with your questions and be connected to an expert just like me!

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