Hi my name is Brady Wood. My question is will there be detailed questions when 2022 tax time comes regarding families that may claim there step-child every other year?
Me and my wife claimed my stepson this past tax season as it was our turn. Now fast forward to this improved child tax credit. We are receiving the $250 each month that began in July.
I’m concerned about the tax season in 2022 when we go to claim the other half (January-June) of the child tax credit we are owed, since it won’t be our year to claim him. We are still entitled to the half of the credit we didn’t get this year due to when the improved credit was updated.
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The payments they are sending now are advances on the credit which will be on the return filed this spring. So if you receive the payments, and you don't get the credit, you'll get dinged for the money. The safest thing is to go to the Child Tax Credit Update Portal and opt out of the advance payments.
Or since all of the credit will not have to be paid back you could also save the advance payments so you have the money to repay on the return.
Read all the rules here :
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