Is my CTC amount wrong because of my 2020 (2021 season) taxes?

[nmd]

I filed with TurboTax in 2021 (I have for many years). I have four kids who are now ages 2, 4, 6, and 8. On the form 1040 I filed last year, three of my kids have an x in the block for "qualifies for child tax credit" and my youngest (born Sep 2019) has a check in the block for "credit for other dependent.

From all I can see on this forum and in the TT online, all my kids should be eligible for the child tax credit and it doesn't appear that any would fall into the category of the "credit for other dependents."

The amount of my advance payments also seems to align with three kids. My AGi is above $150k and I've considered the phase out schedule. 

My wife and I filed married jointly, we lived in the US all year, my kids all have a SSN and not an ITIN, are all our biological kids without adoption or anything. 

I'm concerned this is a mistake on my 2020 taxes that is impacting my CTC. How would I confirm if there's an issue and how would I fix that? 

Lastly, the IRS website says the last day to make changes that affect your advance child tax credit payments for 2021 was 29 Nov 2021... so am  I SOL? 

Thanks!

[DMarkM1 · Accepted solution]

Your child tax credit for tax year 2021 will be correct assuming you answer the dependent questions when entering each of them correctly.  All four should show as qualifying for the child tax credit on your form 1040.  Your total child tax credit before entering the advanced child tax credit should be 13,200 (2 x 3600 and 2 x 3000).

To see your form 1040:

1. "Tax Tools" in the left hand menu
2. "Tools"
3. "View Tax Summary" in the main screen
4. Preview My 1040" in the left hand menu 

Your advanced child credit payments were based on your 2020 tax return entries.  Therefore the payments you received between Jul-Dec 2021 would be off by one child.  I surmise you received $4800 when your should have gotten $6600.  Check your IRS letters or the IRS portal to verify.  

When completing the child tax credit interview in the "Deductions & Credits" tab, your total child tax credit will only be reduced by $4800 so the missing advanced child tax credit will now be part of your tax refund.

The only error is your refund for tax year 2020 is a bit short due to the missing child tax credit for your fourth child and you can amend to get that refunded as well, but tax year 2021 will be correct.

[nmd]

Thank you for the detailed answer. That was very helpful. 

I followed the path and checked my 1040. Looks like this little error with my youngest kid goes back to 2019 taxes. On this year's I could click the box on the 1040, though that didn't save. I ended up deleting him and then reentering him. That fixed it. I then went back though my deductions to ensure things calculate appropriately. All looks in order.

I had a look at the 2020 taxes. Unsure if I'll crack that nut, though I'll have a closer look to see if an amendment is worth it, before I file 2021. 

I may have to submit another question - Let me know if I should... Regarding the third stimulus check and the recovery rebate, calculators on both TurboTax and another online both indicate that I (my wife and I combined) should have received $10,773, though we only received $8079.12. When I try to reconcile this on TurboTax in the federal review, it only boosts it an additional $321, for $8,400 total, which aligns with the AGI of $141,923 and 4 dependents. For 6 dependents, it says it should be $11,200.