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So the child tax credit. I thought we didnt have to pay tax on it and got the whole thing back if you make under a certin amout a year? did i do something wrong.

 
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2 Replies
FangxiaL
Expert Alumni

So the child tax credit. I thought we didnt have to pay tax on it and got the whole thing back if you make under a certin amout a year? did i do something wrong.

The advance child tax credit you received already is not considered taxable income, so you don't pay tax on it. When you file your 2021 tax return, you can claim the 2nd half. 

 

To check if you received additional child tax credit, follow these steps:

With your federal return open:

  1. Click on Show more next to You and Your Family under Deductions & Credits
  2. Click on Start or Revisit next to Advance payments, Child and Other Dependent Tax Credits 
  3. Answer the questions on the screens that follow. Enter the amount you already received.
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So the child tax credit. I thought we didnt have to pay tax on it and got the whole thing back if you make under a certin amout a year? did i do something wrong.

You are not paying it back.  Turbo Tax started out giving you the full amount as soon as you entered your children.  So your refund was too high.  Then later you enter what you already received so it subtracts out what you already got.   Check 1040 line 28.  That is the remaining credit you get, not the advance you already got.  It either adds to your refund or reduces a tax due.

 

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

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