Child tax credit

[Boymom2022]

I had a baby September 29, 2021. I never received the child tax credit for him. Will I still be able to get those credits? If so, how?

[VolvoGirl]

Are you working on your 2021 return?  Yes you can get it on your 2021 return.  Enter your new baby under My Info.  Be sure you said the new baby lived with you the WHOLE YEAR!  Go back and check that.

If you had a child born in 2021- Add them under My Info. You need to answer 2 questions…..

Did your child live with you for the whole year? Answer YES even if they were born late in the year (even on Dec 31).

Then was at least half of child's expenses paid by CHILD? Usually is NO.

You should get the full $3,600 Child Tax Credit on line 28.  

Or did you already File 2021 and didn't get the Child Tax Credit?   You can amend 2021.  

[EricE_CPA]

@Boymom2022  you are eligible for Child Tax Credit  up to $3,600 for children ages 5 and under at the end of 2021.

If you filed a 2021 return and you did not claim the Child Tax Credit when you were eligible for it, you can file an amended return.  Please call into the support line to seek assistance on how to file an amended return

1-800-446-8848

Keep in mind, there is a phase-out (reduction amount) of the Child Tax Credit if your income exceeds a certain amount as follows:

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.

[MariaDG]

Hi Boymom2022!  Thanks for participating in our event today.  
I'll probably need a little more information from you to give a great answer. 

Did you file your 2021 tax return and claim your son as a dependent?

The advance child tax credits that people received during the year were an advance on the credit they would be claiming when they file their return at the end of the year.  They get some early and less later.  Those that didn't get an advance amount claim it all when they file taxes. 

If you haven't filed your 2021 return yet, you should do so to claim the credit.  We are past the deadline, so you should do so soon.

If you didn't receive any advance child tax credits, but filed your return with Turbotax and claimed your son as a dependent, then most likely TurboTax calculated the child tax credit for you and included it in your return if you were eligible.  You could check your return.  You would see this credit on lines 19 and/or 28 of your 1040. 

If you didn't claim your son (perhaps you were waiting for his ssn), or did claim him but somehow did not claim the child tax credit, then you can file an amended return to correct this. 

If you entered all the information in the return but didn't get a child tax credit, you may not be eligible.  To qualify your child must be a US citizen or Resident Alien with an ssn, and live with you for more than half the year.  There is also an income limit to claim the credit.  Here are some links for more information. 

https://www.childtaxcredit.gov/eligibility

https://www.irs.gov/credits-deductions/individuals/child-tax-credit

Hope that helps!  Feel free to reply with more info or follow up questions. 

[SuziM]

Thanks for your participation in our Ask the Expert event regarding "How does the Child Tax Credit and Dependent Care Credit impact this year's tax return for you?"! We’d love to get your input on the event and your TurboTax experience: Click here to leave a video testimonial.