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2021 Taxes

Hi, I am separated but not yet divorced and claimed our child for the 2020 tax period and am currently receiving the child tax monthly payment. How will this affect my 2021 taxes if I will not be claiming her? 

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1 Reply
conniem123
Employee Tax Expert

2021 Taxes

Great question!  You are receiving the advance Child Tax Credit payments, but will not claim the dependent on your 2021 tax return.

 

When you file your 2021 tax return during the 2022 tax filing season, you will need to compare:

  1. The total amount of the advance Child Tax Credit payments that you received during 2021; with
  2. The amount of the Child Tax Credit that you can properly claim on your 2021 tax return.

 

Excess Advance Child Tax Credit Payment Amount: If you receive a total amount of advance Child Tax Credit payments that exceeds the amount of Child Tax Credit that you can properly claim on your 2021 tax year, you may need to repay to the IRS some or all of that excess payment.

In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed to you during 2021. Please keep this letter regarding your advance Child Tax Credit payments with your tax records. You may need to refer to this letter when you file your 2021 tax return during the 2022 tax filing season.

 

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

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