You pull receive Letter 6419 telling you what the IRS sent to you. Enter the information in system and you’ll see the remaining credit on line 28 of 1040 Form. Each of you should receive a letter be careful to only enter total credit received in advance.
Federal>Deductions and Credits>You and Your Family>Child Tax Credit
The IRS is sending out letter 6419 to you. It will show the amount of advance child tax credit that you received during 2021. Enter the information from that letter carefully. The remaining amount of CTC that you can receive will show up on line 28 of your 2021 Form 1040.
PREVIEW 1040
https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
NOTE: The CTC is indeed a “credit” that can be applied toward any tax liability that you would otherwise have to pay as “tax due” to the IRS.
And…..Ignore that “refund monitor.” The software STARTS OFF by giving you the full amount of CTC. When you enter the amounts from your letter, the software reconciles the amount you received with the amount you can still get IF you are eligible to get the other half. You are NOT losing any of the credit; you are not being taxed on the credit. Don’t get confused by the reconciled amount. You got some of it already—-now you get the rest.
If you received the advance payment and are NOT eligible to get the other half, then it will not show up on line 28. (Such as in some cases where the wrong parent got the advance payments, etc.)
xmasbaby0 is correct referencing the IRS Letter 6419 you should have received.
You and your spouse would have each gotten a letter and the letters split the payments to accurately reflect the credit given. Each parent was entitled to 1/2 of each payment.
So, if your deposits added to $1,500 in total then the letters split the funds and applied $750 to you and $750 to your spouse. This is how you should enter the information in TurboTax Online.
For the specific steps to enter the info into TurboTax Online please see How do I enter my advance Child Tax Credit payments in TurboTax?