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For tax year 2021, the Child Tax Credit is increased from $2,000 per qualifying child to:
• $3,600 for children ages 5 and under at the end of 2021; and
• $3,000 for children ages 6 through 17 at the end of 2021
TurboTax is programmed for the correct child tax credits.
Please read this IRS Help topic on how to enter your advance child tax credit payments for the program to calculate how much is left for you receive on your tax return.
Your tax returns does not show the advance payments. just the amount you still get. Turbo Tax started out giving you the full amount. So you might see a high refund. Then you enter what you already received so it subtracts it. Check 1040 lines 19 and 28 and schedule 8812.
How to enter the Child Advance payments you got
https://ttlc.intuit.com/community/family-tax-credits-and-deductions/help/how-do-i-enter-my-advance-c...
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...
Hi thx for your reply. And that makes a lot of sense to me and was kind of what I was expecting. However, I did not really see a change in the amount of the return amount before vs after entering the 6419 info, which is why I am wondering if this is working as it should? I will review the entry link you send and see if there is an issue somewhere, thank you!
To see if you are getting the correct amount for your Child Tax Credit look at line 28 of your 1040.
You can also see amount using forms mode in TurboTax Desktop or if you are using TurboTax online by clicking the following:
I was able to review our Taxes and it does look like it is indeed missing the additional $1000 that a household w/2 eligible children, is supposed to get with the 2021 Tax Return. Anybody know if this is a TT glitch. There was the advance payments broken up into July-Dec. and than there is suppose to be the one time payment w/2021 taxes. That amount is nowhere to be seen, credited etc?
Turbo Tax must have a glitch than because we have two eligible children, and it is only giving us credit of $3000 on line 28 of the 1040. Both kids are full supported in on household under 17.
@Zeller wrote:
Turbo Tax must have a glitch than because we have two eligible children, and it is only giving us credit of $3000 on line 28 of the 1040. Both kids are full supported in on household under 17.
Did you receive an advance child tax credit in 2021 for the children? If so, was the total amount received $3,000? If that is also correct then the Child Tax Credit on your federal tax return Form 1040 Line 28 will be $3,000.
Your total credit for the two children age 6 or older and under the age 18 would be $6,000 less the total advance child tax credit received of $3,000.
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