My ex-husband claimed our daughter for 2020. He got her $1400 stimulus and did not share any of it with me. I will claim her on my 2021 taxes. I asked him about the monthly child tax credit payments. He said that it will work out fairly, because he will get half of the payments this year and I will get the other half with my tax return. Is that true? What is the best way to handle this?
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Actually, that isn't how it's going to work at all. If he receives advance child tax credit payments, but ultimately isn't able to claim the child tax credit, he will end up having to pay all those back as part of his tax filing this spring. And you will get the full child tax credit.
I have something similar but I am receiving the payments because I was able to claim my daughter in 2020. Would this mean if I opt out of the payments, that I wouldn’t receive any of the child tax credit at all or how does it work for alternating parents?
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