Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Mw547
Returning Member

How much would I owe

Is there a way to see if I would have to pay next year if I receive the child tax credit?  

2 Replies
VincentL12345
Employee Tax & Finance Expert

How much would I owe

Turbotax has a calculator at this link:

https://turbotax.intuit.com/tax-tips/family/7-requirements-for-the-child-tax-credit/L3wpfbpwQ

 

The IRS has setup ways for you to calculate your payments. Check out the links below:

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-t...

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Corrlich44
Employee Tax & Finance Expert

How much would I owe

Hi Mw547,

 

Thanks for posting a question in the forum today!

 

As long as you know all the factors associated with your 2021 Modified Adjusted Gross Income (https://turbotax.intuit.com/tax-tips/irs-tax-return/what-is-the-difference-between-agi-and-magi-on-y... ) you will be reporting at year-end, as well as all the potential deductions you may be claiming (Standard or Itemized) to offset it, and acknowledge your filing status (Single, Head of Household, Married Filing Joint or Separate), coupled with any federal withholding taxes paid during the year, you would have to account for so much to assess whether or not your gross income exceeds the thresholds in the table above and the ultimate tax liability that would arise, before any Child Tax Credit could be applied to reduce it or receive the balance as refundable.

 

The following link (https://turbotax.intuit.com/tax-tips/family/7-requirements-for-the-child-tax-credit/L3wpfbpwQ) will identify what the requirements are to receive the CTC, but all the above creates the foundation to see if the CTC will first offset any tax OR receive as a refundable credit on the remaining balance, but it will not be enough to tell you whether or not you withheld a sufficient amount of taxes on income earned along the way.

 

If no income is earned, no tax is owed and the CTC would be fully refundable. Great news!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v