turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

What did I overlook regarding the Child Tax Credit section of the 2021 Tax Return that caused the IRS to increase what I owe?

Apparently, my calculations on Schedule 8812 were incorrect, because it was not clear to me that I had received advanced credit payment. How would I have known that I received an advanced Child Tax Credit earlier in the year?
2 Replies

What did I overlook regarding the Child Tax Credit section of the 2021 Tax Return that caused the IRS to increase what I owe?

there are two ways:

 

1) did you receive Letter 6419 from the IRS stating what you received (and if filing joint there were two letters that needed to be added together)

2) review your bank account statements from July - Dec, 2021.  They payments were deposited for that 6 month period right around the 15th of the month.

 

the payments should have been $300 per month for each child under the age of 6 plus $250 per month for each child age 6-17 (based on the children listed on your 2020 tax return, but using their ages as of 12/31/21).

What did I overlook regarding the Child Tax Credit section of the 2021 Tax Return that caused the IRS to increase what I owe?

IRS sent a statement letter to everyone who received such funds in 2021.

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies