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danielmunhall
Returning Member

I completed my child tax credit information and qualify for the additional amount to be added to my taxes. Once I completed my form the amount of my return went down

 
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4 Replies

I completed my child tax credit information and qualify for the additional amount to be added to my taxes. Once I completed my form the amount of my return went down

The software started you out with the FULL amount and then reconciled the amount you can still receive when you entered the amount of advance payments you got.   Your "second half" of the child tax credit is shown on line 28 of your 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.

**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.**
DMarkM1
Expert Alumni

I completed my child tax credit information and qualify for the additional amount to be added to my taxes. Once I completed my form the amount of my return went down

Yes.  You probably qualified for the child tax credit based on the information you entered in the "My Info" section for your dependents.  However, once you completed the child tax credit interview in the "Deductions & Credits" section you most likely entered the amounts of advanced child tax credit you received between Jul-Dec 2021. As @xmasbaby0 states, Those amounts are subtracted from the total you qualified for since you already received it.

 

If for example you entered two dependents age 6 to 17 in "My Info,"  the child tax credit you qualify for would be reflected as $6000 in your running refund amount.  You would then be taken to the "child tax credit" interview where you would be asked if you received advanced child tax credit payments.  If yes, you would enter the amounts received, usually $3000, which would reduce your running refund amount.   

 

Here is an IRS FAQ link with more information on reconciling those advanced payments on your 2021 tax return.

 

  

 

 

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danielmunhall
Returning Member

I completed my child tax credit information and qualify for the additional amount to be added to my taxes. Once I completed my form the amount of my return went down

I understand that only the second half would be paid out. When I enter my incomes which is below 120k filing jointly it removes the second half of the credit. If I go back and removed the child tax credit information my refund will increase. I am trying to figure out why the 3k difference is being removed when I enter my income

I completed my child tax credit information and qualify for the additional amount to be added to my taxes. Once I completed my form the amount of my return went down

@danielmunhall Look at line 28 of your Form 1040.   If you are getting the "second half" of the CTC that is where it is.

 

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.

**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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