Child Tax Credit

[xmasbaby0]

I suspect something is going on with the twins----check the Social Security numbers you entered for each one.

[Passionfruit]

Social security #s are all correct. Might have to get it done in person 🤦🏽‍♂️

[Critter-3]

Form 8812 ... what is on lines 12, 14f, 14h & 14i ?

Look at the form 1040 ... do all 3 kids have the CTC marked next to their names ?

[Passionfruit]

One box is permanently checked and can’t touch it and the other 2 are checked but not permanent and I can  uncheck them if I wanted to. 

[Critter-3]

Uncheck them ???    Are you in the forms mode of the downloaded program ???   If you are then don't make any entries in the FORMS mode ... doing so can void the accuracy guarantee and could stop you from efiling.

All three kids should have a check mark in the box 4 on their lines ... if they don't then I highly suggest you return to the MY INFO section, delete those kid(s) and enter them again from scratch ... something is amiss.  

[Passionfruit]

I’ve deleted them and put them back in but still the same amount. Guess I’ll have to wait for form 6419 to arrive in the mail. I’m pretty sure there using our combine income for 2021 which was $205k and that’s why it’s only giving us $6300 and not the $9600. But on the irs website it says we can claim the full amount based of off 2020 income which was $148k combined giving us the full $9600. 

[Critter-3]

Yes ... your 2021 income will directly influence the amount of the credit you are allowed ... simply review the form 8812 to see this in action ... the CTC ADVANCE was based on the 2020 income but the 2021 CTC CREDIT is based on the 2021 income. 

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2021 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

[Vanessa A]

You can use prior year  to calculate your 2021 Child Tax Credit, if your income in the prior year was more than 2021, not less.  This option would not apply to you. Since, your 2020 income was less, you are only able to use your 2021 income. 

Pub 972

[Critter-3]

The prior year lookback option for the EIC & CTC uses the 2019 earned income amount but it ONLY works if your earned income in 2019 was more than the earned income in 2021 ... with over $200K of income in 2021 this option will not be available.  

That pub 972 was not yet updated to reflect the 2021 rules ... but the update class I took 2 weeks ago pointed out this unusual lookback option. 

[Critter-3]

https://www.taxoutreach.org/blog/new-lookback-rule-may-help-you-qualify-for-a-larger-tax-refund/