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ralkokar
New Member

For the 2021 Child tax credit I am not getting the correct credit

We should be receiving $3000/child in the tax credit but are only receiving 2000/child
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3 Replies

For the 2021 Child tax credit I am not getting the correct credit

The TurboTax online editions are only for tax year 2022.

 

To complete and file a 2021 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2021 desktop editions from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/

 

A 2021 tax return can only be printed and mailed, it cannot be e-filed using TurboTax.

For the 2021 Child tax credit I am not getting the correct credit

just so that we are on the same page, yes, for 2021, the credit is $3000 for each child over 5 and under 18 years old.  at the very high income range, it CAN revert to $2000 per child at certain income levels.  

 

what did you report on Line 11 of Form 1040? what is on Lines 19 and 28? 

 

look at the math on form 8812 

For the 2021 Child tax credit I am not getting the correct credit

First of all---you have to be using the CD/download for a 2021 return.   You cannot use the online program for a 2021 return.  Online is only for 2022 and will only use the tax laws for 2022, which are different.

 

And, you might have a higher income for 2021 which causes a "phase out" of the amount of child tax credit you can receive.

 

From the IRS:

 

Q C2. Can my Child Tax Credit amount be reduced based on the amount of my 2021 income? (added June 1...

 

A2. Yes. The Child Tax Credit phases out in two different steps based on your modified adjusted gross income (AGI) in 2021.

The first phaseout can reduce the Child Tax Credit to $2,000 per child.

  • That is, the first phaseout step can reduce only the $1,600 increase for qualifying children ages 5 and under, and the $1,000 increase for qualifying children ages 6 through 17, at the end of 2021.

The second phaseout can reduce the remaining Child Tax Credit below $2,000 per child.

For additional information on the amounts of modified AGI that reduce the 2021 Child Tax Credit, see Q C4 and Q C5, below.

Q C4. How does the first phaseout reduce the 2021 Child Tax Credit to $2,000 per child? (added June ...

 

A4. The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

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

The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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