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Knighthockey21
Level 1

Making more money this year

My wife and I are married filing jointly. Last year our AGI was about $158k. This year we expect our AGI to be around $175k. Does that mean will need to pay back some of the Child Tax Credit we are currently receiving?

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Accepted Solutions
Nick-K-EA
Employee Tax Expert

Making more money this year

The payments you are receiving now are advances on the child tax credit. If your income and other tax details are such that your credit is reduced, you may end up with a smaller refund, or owing. If you believe this to be the case, the safest thing is to go to the Child Tax Credit Update Portal and opt out of the advance payments.

Nick K, EA

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2 Replies
Nick-K-EA
Employee Tax Expert

Making more money this year

The payments you are receiving now are advances on the child tax credit. If your income and other tax details are such that your credit is reduced, you may end up with a smaller refund, or owing. If you believe this to be the case, the safest thing is to go to the Child Tax Credit Update Portal and opt out of the advance payments.

Nick K, EA
Knighthockey21
Level 1

Making more money this year

Thank you for that information! I'll keep the interest free loan from the IRS instead of opting out. However, it's good to know I should keep some money aside to pay back anything that was over paid to us. Thank you!!

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