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According to the IRS, you should return the payment as soon as possible by following the instructions below. Regarding your wife's 2021 income tax return and avoiding any delays or adverse affect, that is up to the IRS. TurboTax has no control over that.
If the payment was a paper check and you have not cashed it:
If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:
Thank you for your prompt response. I will follow your advice and send a check to the IRS for the $1500 overpayment for the advance child tax credit, but I also don't want to receive the additional $1500 that the IRS is including in the refund amount that's showing in my current Turbotax results. I haven't filed this return yet so I was hoping to eliminate the $1500 from the current refund amount by putting "0" on line C! in the Smart Worksheet of Schedule 8812, instead of "1." When I tried this out, Turbotax automatically lowered my refund by the $1500 amount I was hoping, but the number "0" won't match with the number ("1") shown in box 2 of letter 6419 from the IRS. Will that cause a problem or is this a good way of keeping the $1500 (for the 2nd half of the child tax credit) out of my refund? Also, will any of this activity interfere with my ex-wife's ability to claim the entire $3,000 on her 2021 return? Thanks so much.
While you should pay the Advance Child Tax Credit back ASAP, you can input the payment on your tax return and have it calculate into your total amount due or reduce your refund. I would only advise this if you are filing now and paying now if any amount is due.
To enter info for the Advance Child Tax Credit please follow these steps:
Since you are not claiming your daughter as your dependent this year, be sure you have removed her from your tax return information and TurboTax will calculate the fact that you are not entitled to the remaining credit amount automatically. Your wife will be able to claim the full credit regardless of how you handle your situation.
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