joint filers Entering advance child tax credit

[AliciaP1]

You can follow these steps to preview your 1040 form and verify you are, in fact, getting the remaining credit due if you have input all your information correctly:

1. From within your return in TurboTax Online click on Tax Tools to the left of the screen.
2. Click Tools.
3. Click View Tax Summary link.
4. On the left again, click Preview my 1040.
5. Scroll down to line 28 of your Form 1040 to verify your refundable child tax credit as TurboTax has calculated it.

@Re428, @njhoudini

[yspapple]

@njhoudini 

YOU ARE TOTALLY CORRECT!

THIS IS A BUG!

[Critter-3]

NEVER just look at the refund meter ... ALWAYS look at the actual tax forms.

[Re428]

I did look at the actual forms and it still didn't add the remaining CTC in the "Refund" amount (Line 34).  However, it does show the $3,000 on line 28.  Am I missing something?  Do we NOT actually get the other half?

[njhoudini]

I'm going to apologize for being the bearer of some sad news. 

I paid the filing fee without actually filing yet so I could look at the preview (only option unless I restarted and only entered my federal info but I was going to pay anyway and sad I didn't pay on 1/31 where I believe the discount was greater). 

Comparing my taxes from last year to this year, the credits that I received in 2020 for 2 kids was $4000.  This year, that was changed to $7200, with half already having been paid out.  The other half is accounted for and has reduced the taxes that I owed.  This isn't a bug.  I think we were all being led to think we're getting a bigger refund but that is not the case.  The remaining credit for my family this year still is going to give me a refund, just not the thousands that were dangling in front of me with that Refund-o-meter everyone with experience has been saying to ignore.

Tl;dr - Those of us with kids thought we were going to get a bunch of money but in reality, we already got it last year and the remaining credit is offsetting what you owe.

[mekurtz6]

I did receive the pre-payment for 2 children in the amount of $3000.  The summary is showing the other half of $3000 but it is not subtracting that from the tax owed?????

[Critter-3]

PLEASE  look at the form 1040 lines 24 thru 34 ... there you will see the tax less all the payments/credits and the bottom line of a refund or balance due.  The other 1/2 of the CTC should be on line 28 and  IS being used to reduce the taxes owed.  IGNORE the refund meter and the summary screens ... they will just confuse you. 

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 2019 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.

[Masonj10]

if you do not enter the correct information the way it is on your form they will reject your return.  I filed jointly we got one $600 check in my wife's name i entered that 600 into the box for her and entered 0 for me since i didn't receive the credit as I opted out.

[DMarkM1]

@Masonj10  Be advised the $600 payment was likely a stimulus payment (round 2) in January.  The advance child tax credits would be in multiples of $250.  The round two stimulus payment does not go into your 2021 tax return; only round 3 payments ($1400) should be entered for the Recovery Rebate Credit.