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I received advanced child tax credit checks but didnt cash them. should i put i received them in my tax return or say i did not?

 
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3 Replies
MaryK4
Expert Alumni

I received advanced child tax credit checks but didnt cash them. should i put i received them in my tax return or say i did not?

Yes if you have possession, you received them.

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I received advanced child tax credit checks but didnt cash them. should i put i received them in my tax return or say i did not?

Yes.   The IRS knows that they sent the checks and you are required to enter on your tax return that you received them.  Why you did not cash them may be a mystery to us.   If you wanted to opt out of receiving those checks you could have done so on the IRS site.   If you are not claiming the child you received those checks for on your 2021 tax return you may or may not have to repay the money, depending on your income.   You might as well cash them if you did not throw them away.

 

 

TurboTax calculates the Repayment Protection.  This determines if a person is required to repay the advance CTC.

 

What is Repayment Protection?

Repayment protection is an income-based program that reduces the amount of excess advance Child Tax Credit payments you have to repay.

 

Full repayment protection equals $2,000, multiplied by the following:

  • The number of qualifying children that the IRS took into account when estimating your advance Child Tax Credit payments, minus
  • The number of qualifying children you’re claiming on your 2021 tax return.

To be eligible for full repayment protection, your adjusted gross income (AGI) for the 2021 tax year must be at or below the following:

  • $60,000 if you are married and filing a joint return or if filing as a qualifying widow or widower;
  • $50,000 if you are filing as head of household; and
  • $40,000 if you are a single filer or you are married and filing a separate return. 

 You won’t qualify for any repayment protection if your modified AGI is at or above the amounts listed below based on the filing status on your 2021 tax return.

  • $120,000 if you are married and filing a joint return or if filing as a qualifying widow or widower;
  • $100,000 if you are filing as head of household; and
  • $80,000 if you are a single filer or are married and filing a separate return.

For information on the definition of modified AGI, see Topic C: Calculation of the 2021 Child Tax Credit. 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I received advanced child tax credit checks but didnt cash them. should i put i received them in my tax return or say i did not?

why did you not cash them?

They will expire soon if not already.

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