We Qualify So Why Did I Not Get the Full EIP For 2021

[Phabeon]

Married, filing jointly, AGI slightly under $100K(for both 2021/2020), 3 qualifying children (all under age 12).

Total 2021 EIP should have been $3900 correct?

- thats $2400 for a married couple and $500 per child, x3, so $2400 + $1500 = $3900. p/IRS

Our 2021 EIP = $3500.

What am I missing?

How do I figure out how or why we are "short" $500

What do I do about it?

Lastly, depending on the one above, is it even worth it for the "missing" $500?

[xmasbaby0]

For 2021 the EIP is $1400 per person.   $1400 for each adult, and $1400 for each dependent--no age limit.  The EIP payments went out in mid-March onward and you should have letter 6475 that shows how much each parent received.    If you did not receive the 3rd stimulus you can get it on your 2021 return---it will show up on line 30.

You might be confusing that with the advance child tax credit payments.   If you received advance child tax credit payments between July and December, they would have been $300  per month for a child under the age of 6 and $250 per month for children age 6 to 17.   You get letter 6419 for those payments---and you must enter the amounts in your return.   You are eligible for the other half of the CTC which will show up on line 28 of your Form 1040.

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.   Then it will calculate down to the refund you see on line 35a or the tax due on line 37.

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.

[xmasbaby0]

The first EIP --or stimulus check--- was issued in 2020  It was for $1200 for adults and $500 for a dependent under the age of 17.   The IRS used information from either your 2019 or 2020 tax return to issue those checks so they could send them out in a hurry.

The 2nd EIP or stimulus was issued in late 2020 or early 2021 and was $600 for adults and $600 for dependents under age 17.

If you did not receive the 1st and/or 2nd stimulus check you can get it by filing a 2020 tax return and using the recovery rebate credit in Federal Review.   It will end up on line 30 of a 2020 tax return and will be added to your refund (or reduce your tax due).

The 3rd EIP--or stimulus check-- was sent out in mid-March or later in 2021 and was for $1400 per person--adults and dependents no age limit.

If you did not get the 3rd EIP payment you can get it by filing a 2021 tax return and using the recovery rebate credit in Federal Review.   The credit will go on line 30 of your Form 1040 and will add to your refund (or reduce your tax due).

[Phabeon]

Both myself and my wife situation each received a letter 6475.  On each of our letters it stated total EIP payments for 2021 was $3500.

I thought it was just a duplicate letter, since we are married and file jointly.

However it sounds like your saying and the letters confirm that we did in fact get the max, $7000, or as the letters state, $3500 each.

Correct?

[xmasbaby0]

If you filed a joint return and had three dependents then you would have received 5 x $1400 = $7000

So, yes, that is correct.