Child Tax Credit

[grizzlyandgirl]

How can the Advance Child Tax Credit impact my tax return this year? What if the amounts on the forms sent from the government don't match? Do I go with what was deposited in my bank account? I read that if they don't match they will flag the return and it will take longer to process. Is this true? 

[TeresaM]

The IRS will want to reconcile the Advanced Child Tax Credit payments you have received in your return. They should have sent IRS letter 6419 to you, or you and your spouse, listing all the payments. If you have not yet received the letter, you can also check in an online account at the IRS website. You may be eligible for additional payments or might need to pay back some, according to qualifying dependents and income limitations within the credit. If the IRS believes they have sent you one amount and you have received a different amount, you will want to try and resolve that before you file as indeed that will slow down processing and it will still need to be resolved. If you are married and filing jointly, you and your spouse will each have a letter, so please check if this is the difference.
 

I highly recommend that everyone create an online account on the IRS website to verify the status of returns, payments, refunds,  stimulus information and so much more. You can see exactly what the IRS believes it has paid from the online account.  Please click the link below to create an online account.   
https://www.irs.gov/payments/your-online-account

For additional information, please see this TurboTax Help article Entering Advanced Child Tax Credit in TurboTax