Hello,
I have 50% custody of my daughter, and I claimed her as a dependent in 2020. Her mother will be claiming her in 2021. I have two other children, so I am getting monthly payments for all 3 kids. I am wondering if I should try to update the number of my dependents to 2 for the rest of the year, so I do not owe when taxes are filed. Do we both get to claim the credit for her or should I be worried? There is also a good possibility that I will show more income this year than I did last year because I had to cash out some retirement. I am not sure how that will affect the amounts either.
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Hi, lacroz!
You are correct - you should update your information so that you don't continue to receive payments for your daughter. The amounts are reconciled on the 2021 return and you would show an overpayment of Advanced Child Tax Credit which you would have to pay back. You can make these changes here: Child Tax Credit Update Portal . In the coming months you can also update your income information in this portal so that the payments will more closely reflect your expected income for 2021.
We also have a calculator which you can use to estimate your income and expected credit amounts. You can find it here:
Child Tax Credit Calculator and Top 7 Requirements
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