Child Tax Credit payments

[Bill7550]

On my 1040 that I filed for this year I erroneously put $3,000 received in the above payments when in fact we only received $1,500.  I am trying to amend this on 1040-X now by reflecting the $1,500 received by us on letter 6419 but when I add this to amendment it now shows me owing $1,500 in tax instead of a refund of $1,500.  I am guessing that because on original 1040 I put $3,000 instead of $1,500 on line 28 - How can I get this corrected?

[DaveF1006]

Yes, that is correct. You originally overstated your benefit by $1500 and you received the benefit of an extra $1500 credit on your original return. With the amendment, you have to pay that back.  As a result, your tax due of $1500 on your 1040X is correct.

Your amended return is the correction needed because you are paying back the $1500 that was originally credited on your original return

[Bill7550]

I have already received my return back from IRS for this year but only got $144 not $1,644 that I had on my 1040 - they did not give me the $1500 on the child tax credit that was why I tried filing the 1040-X to get the additional $1,500 on child tax credit that we still are due refund on  - do I need to amend the 1040 to change my child care credit to 1,500 instead of $3,000 where I can get the credit?  Can I do this on the 1040-X?

Thank you

[DaveF1006]

@Bill7550 To clarify, did you receive half of the Advanced Child Care Credit already? Also was your child under 17 in 2021 and did he/she qualify to be your dependent on the tax return?

[Bill7550]

Yes to both - We received $250 for last 6  months of 2021 and yes our son is on our return and under 17.

I should of entered $1500 on the line 28 of 1040 but put in $3,000 erroneously so when I enter 750 for both myself and wife on 1040X it shows us having taxes due for $1,500 not a refund for $1,500.  On my 2021 return that was filed, I had a $1,644 refund due (1,500 of it on child care credit) but IRS only refunded me $144 so I do not know if they will still send me another separate refund for the $1,500 or if I somehow need to get this error corrected from my end via 1040-X with a form 8812 for the child care credit? 

Do you recommend I try to get a hold of the IRS by phone or would Turbo Tax be able to get this corrected via 1040-X since my 2021 return was filed through Turbo Tax?

Thank you

[KrisD15]

To clarify, 

Which return are you talking about?

Let's start with the original 1040. 

You reported a 3,000 credit on your 1040 line 28 using TurboTax?

Did you not have to report what you received in advance payments? 

If this is true, and you and your wife DID get 1500 in advance payments, you overstated the credit by 1500. 

If this original return showed a refund of 1,644 and you overstated it by 1,500, then 144 is the true refund. 

Sounds like the IRS corrected it and you're done. 

The IRS will send you a letter explaining the correction. 

You will have an option to appeal, buy why? 

The 1,500 credit you didn't receive as a refund must have offset your tax liability. 

In other words, without the credit you would have owed 1,356. The 1500 credit results in a 144 refund. 

[Bill7550]

So there is no way I will be able to get the other half of my $1,500 child credit because I made a mistake and put $3,000 on line 28 of original 1040 when I should of entered just the $1,500 we received over the last 6 months of 2021.

Will I be able to appeal this when I get the IRS letter because I still have $1,500 lump sum child care refund due?

[Bill7550]

Also I went back on my 1040 and took $1,500 off so line 28 would of been the correct child care advance.  When doing this my refund stop would be S144 which I have received, but now how do I correct to get the other $1,500 lump sum child care due us?

thank you

[VolvoGirl]

Line 28 IS THE REMAINING HALF!  Not the advance amount you already got.  The amount you already got does not go on your return.  Follow the math.  The 1500 on line 28 is the credit that adds to the refund or reduces a tax due.  

[FangxiaL]

From reading between the lines, if the line 28 of  your Form 1040 shows $3,000, it means that you did not enter the $1,500 advance Child Tax Credit you received on the original return at all. If you entered $3,000 by mistake as you believed, the line 28 amount should be $0 instead. 

Since you over-claimed the Child Tax Credit on your original return, and the IRS had made the proper adjustment based on its records, there is nothing left to claim. The IRS has issued you the correct amount of refund. You do Not need to amend your 2021 tax return at all. You did not lose any credit either. 

@Bill7550