Hi, I have a 6 year old daughter, my ex husband and I claim her on our taxes every other year. In 2020 I have claimed her where in 2021 he will be claiming her. I just received $250 for the tax credit for dependent for 2021. Since I will not be claiming her, will I end up owing that money? Is there going to be a question on TurboTax to get that off the tax return so I won't get contacted by irs later on that I owe?
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Hello GozdeCannarella, if you claimed your dependent on your 2020 tax return, you would be getting the Advanced Child Tax Credit Payments. If you don't claim your dependent on your 2021 return, it would lessen your refund by the amount received in advance, or you would have to pay it back if you were not getting a refund. Yes, Turbo Tax will have that question in the software. You can unenroll to stop getting the advance payments by using the IRS link below. Just click on "Manage Payments"
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
Hello GozdeCannarella, if you claimed your dependent on your 2020 tax return, you would be getting the Advanced Child Tax Credit Payments. If you don't claim your dependent on your 2021 return, it would lessen your refund by the amount received in advance, or you would have to pay it back if you were not getting a refund. Yes, Turbo Tax will have that question in the software. You can unenroll to stop getting the advance payments by using the IRS link below. Just click on "Manage Payments"
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
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