Having Problems with Child Tax Credit

[mtkendirli]

So I am trying to file my 2021 return as a head of household with 1 dependent and I received $1500 for CTC in 2021 and it also says that on my letter 6419. To my understanding, I am supposed to also receive the remaining $1500 and continue getting them for 2022 but when I enter how much I got in 2021 which is 1500, it just deducts 1500 from my tax return, I am really confused as I thought I should be receiving an additional 1500 on top, not having the money I received taken back from me. Just wanted to ask If there is something wrong or am I just not getting something. And additionally, I have checked all the requirements for receiving CTC and they all still apply to me.

[xmasbaby0]

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.

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.

And…..Ignore that “refund monitor.”  The software STARTS OFF by giving you the full amount of CTC.   When you enter the amounts from your letter, the software reconciles the amount you received with the amount you can still get IF you are eligible to get the other half.     You are NOT losing any of the credit; you are not being taxed on the credit.  Don’t get confused by the reconciled amount.   You got some of it already—-now you get the rest.

 If you received the advance payment and are NOT eligible to get the other half, then it will not show up on line 28.  (Such as in some cases where the wrong parent got the advance payments, etc.)

[rjs]

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@mtkendirli wrote:

To my understanding, I am supposed to also receive the remaining $1500 and continue getting them for 2022

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There are no advance payments of the Child Tax Credit in 2022. Advance payments have ended. You will get the full amount of your 2022 Child Tax Credit on your 2022 tax return that you file a year from now.

[mtkendirli]

Got it. But other than that I still shouldn't be losing money and will actually get the 1500 I am missing from 2021 even though the refund monitor above says otherwise?

[xmasbaby0]

@mtkendirli Do you see $1500 on line 28?

[mtkendirli]

Yes just checked it, but turbotax refund thing says otherwise.

[xmasbaby0]

That $1500 on line 28 is the rest of the child tax credit that you can get.   That $1500 can be used to pay any tax you still owe.  Credits are used to pay tax if you owe----so if you still owe that credit is being used.  Your actual tax refund is on line 35a.

[VolvoGirl]

It is not income and not taxable.  You are getting credit for the additional 1500.   But Turbo Tax started out giving you the full amount. Then you enter what you already received so it subtracts it. Check 1040 lines 19 and 28 and schedule 8812.

Before filing you can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

[MissVibe]

I am having the same exact issue. I have 2 children and received half of my CTC in payments last year, a total of 3,000. I should be receiving the other 3,000 CTC on my tax return, however when I put in the information in the child tax credit area, it make 3,000 DUE. I looks as if they want me to pay back the CTC from last years payments and not give me my other 3,000 credit that is owed. Haven't filed yet because of this issue, this is not right at all.

[xmasbaby0]

@MissVibe

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.

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.

And…..Ignore that “refund monitor.”  The software STARTS OFF by giving you the full amount of CTC.   When you enter the amounts from your letter, the software reconciles the amount you received with the amount you can still get IF you are eligible to get the other half.     You are NOT losing any of the credit; you are not being taxed on the credit.  Don’t get confused by the reconciled amount.   You got some of it already—-now you get the rest.

 If you received the advance payment and are NOT eligible to get the other half, then it will not show up on line 28.  (Such as in some cases where the wrong parent got the advance payments, etc.)

That “refund monitor” should not be taken seriously until every last morsel of your data has been entered.

[MissVibe]

I understand all of this information, however I don't think you're understanding the problem. They have me paying back 3,000 instead of giving me the credit of 3,000. Child Tax "CREDIT"... It says Congratulations you get a tax break! and then adds 3,000 DUE on to my amount. I've been using Turbotax for 8 years now and never have I come across this issue.

[xmasbaby0]

Did you enter your dependents in My Info?   Did you claim those dependents for whom you received the advance payments on your 2021 tax return?   Or are they being claimed by someone else for 2021?

[MissVibe]

All info is in correctly and no one else can claim them. 

[xmasbaby0]

Not sure what is going on......unless you have a tax liability that is using up the remaining amount of your credit and then some.

To call TurboTax customer support

https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

Customer support is available from 5 a.m. to 5 p.m. Pacific time daily

[VolvoGirl]

Do you see the 3,000 on line  28?  You are getting it as a credit.  But you saw your  refund go down right?  That's because as soon as you entered your  children in My Info......Turbo Tax gave you the FULL 6,000 as a CREDIT. and your refund was too high.   Then at the end you entered you already got 3,000 so it took 3,000 off your refund (or increased your tax due).