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By exact amount, they mean don't estimate how much you received. As long as the rounded up amount is correct based on rounding conventions (round cents up to the next dollar) you will be fine.
By exact amount, they mean don't estimate how much you received. As long as the rounded up amount is correct based on rounding conventions (round cents up to the next dollar) you will be fine.
Did you receive your letter 6419 yet? You are supposed to wait for that letter from the IRS and enter the amounts shown on it when you prepare your tax return. The remaining amount of child tax credit you can get will show up on line 28 of your Form 1040.
thank you!
What if you are married filing jointly and entering two separate amounts, for example $9.50 for each. The total received was $19 between the two entries of $9.50 but turbotax rounds each to $10 and then sums them to $20 and asks the user to confirm the amount which is not right. Will this cause a concern?
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.
If you got 300.50 and the program rounds to 301 that is OK ... nothing you can do about the rounding. If you are filing jointly then one of you can enter 300 and the other 301 to make the total 601 combined.
@Critter-3 Thanks, this is what I was thinking as well, but wanted to get it vetted. If they are checking both the individual and combined amounts, then there is no way to get it right in the software right now. If they are only verifying the total, then your proposal will be the "most accurate" I can do.
I checked the form and confirmed that it is only reporting the aggregate amount so I will take @Critter-3 's suggestion. Thanks again!
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