Question about advance CTC payments and MFJ

[SolarPsychosis2]

I'm being asked about advance CTC payments on my 2021 return. We qualified for and received $550/month for our children. 

TT is asking me to list the amount of my payment and my spouse's payment. My question is twofold:

1) I assume they mean the amount of the monthly payment (i.e. $550), not the total amount received over 6 months? 

2) Since my spouse and I file MFJ, we only received one payment into our joint account. So, do I split the $550 in half and say we both received $225? Do I say that I received $550 and my spouse received $0? Not sure how to fill in those blanks. 

TIA for your help. 

[TomK100]

In January you are going to receive a Letter 6419 from the IRS that shows how much -- if any-- advance monthly CTC payments were sent to you.  You and your spouse will each get your own letter with the total you each received.).  That will have to be entered on your return and then the amount of CTC still owed to you will be reconciled on your 2021 return.

[fanfare]

it is not the monthly payment it is the total amount i.e. 550 x 6.

the total amount you enter is the actual total amount you received, together, since you are filing a joint return.

[Critter-3]

1) I assume they mean the amount of the monthly payment (i.e. $550), not the total amount received over 6 months?   Using the info on the letters you must wait for you will enter the total you received in advance.

2) Since my spouse and I file MFJ, we only received one payment into our joint account. So, do I split the $550 in half and say we both received $225? Do I say that I received $550 and my spouse received $0? Not sure how to fill in those blanks.  On the TT screen there is a place for the taxpayer & the spouses' amounts for the total they got as reported on the 6419 you will get in the mail.  So you will each report 1/2 of the total.  550 x 6 = 3300/2 = 1650 each

Now what will confuse you is the Refund-O-Meter ... try to ignore it until you are completely finished entering everything and have gotten to the REVIEW tab.  

[SolarPsychosis2]

Okay, but aren't we supposed to receive the 1/2 of the CTC on our tax return? When I input $1,650/ea, I'm told our entire credit is only $3,300 for 2021...which is less than the $4,000 we got in 2020. 

Isn't the CTC $6,000 now? How do I get the balance of my credit? 

[DianeW777]

It appears you are reading the screen that confirms the amount you received in advance and not the full amount of the credit.  Here are the amounts you are entitled to for 2021.

The maximum credit allowed when you file your tax return is shown below.  This will be reduced by any advance.

• $3,600 per qualifying child under 6
• $3,000 per qualifying child age 6–17

To review the actual credit amount you can use the "Preview your 1040".  This will allow you to see the full credit on your tax return.

You can view your entire return or just your 1040 form before you e-file:

1. Open or continue your return.
2. With the Tax Tools menu open, you can then:
   • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.
3. Scroll to line 28 (see below)

 

[fanfare]

If you got $4,000 in 2020 your IRS letter will show $4,000.

This seems unlikely.

[SolarPsychosis2]

Just got our letters in the mail today. We were both paid an advance of $1,650. Total = $3,300. 

In 2020 we received $4,000. 

How do I claim the balance of my CTC credit for 2021? We have 2 children, one under 5 and one over 5. Aren't we entitled to $6,600 in tax credit? How do I claim our other $3,300? 

[SolarPsychosis2]

Nevermind. Just saw...have to file form 8812 to claim the balance of the credit.