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Turbox Tax Only Showing $200 in Additional Child Tax Credits

Here is one I do not understand and could use some help on:

 

My wife and I each have a letter from the IRS showing we each received $900 in 2021 Advanced Child Tax Credits ($1,800 total). 

 

When i go through the Deductions & Credits section of Turbotax and input this information, my calculation sheet only shows an Additional Child Tax Credit of $200. 

 

What i don't understand is why my Additional Child Tax Credit is not $1,800 ( = $3,600 - $1,800 in Advanced Payments). 

 

Can anyone help explain this? My daughter was born in 2019 if that helps. 

 

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1 Best answer

Accepted Solutions

Turbox Tax Only Showing $200 in Additional Child Tax Credits

So the amount you are seeing on your federal tax return Form 1040 on Line 28 is only $200?

 

Do you have a high 2021 Adjusted Gross Income?

The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

  • $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
  • $112,500 if filing as head of household; or
  • $75,000 if you are a single filer or are married and filing a separate return.

The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

 

The Child Tax Credit won’t begin to be reduced below $2,000 per child until your modified AGI in 2021 exceeds:

  • $400,000 if married and filing a joint return; or
  • $200,000 for all other filing statuses.

The second phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

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2 Replies

Turbox Tax Only Showing $200 in Additional Child Tax Credits

So the amount you are seeing on your federal tax return Form 1040 on Line 28 is only $200?

 

Do you have a high 2021 Adjusted Gross Income?

The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

  • $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
  • $112,500 if filing as head of household; or
  • $75,000 if you are a single filer or are married and filing a separate return.

The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

 

The Child Tax Credit won’t begin to be reduced below $2,000 per child until your modified AGI in 2021 exceeds:

  • $400,000 if married and filing a joint return; or
  • $200,000 for all other filing statuses.

The second phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

Turbox Tax Only Showing $200 in Additional Child Tax Credits

Hi and thank you for the response. 

 

AGI was $184,060 and my Taxible income was $158,900 as married filing jointly. 

 

Didnt realize there was a reduction on the tax credit based on AGI. 

 

Looks like we got dropped down to a $2000 max CTC. 

 

Thanks for explaining. 

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