turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why when i put in the 3300 in child tax credits i received is it reducing my refund i should be credited the other 3300

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Why when i put in the 3300 in child tax credits i received is it reducing my refund i should be credited the other 3300

The software still needs updates for the CTC.   But you will see your CTC on line 28 of your Form 1040.  Remember that it is a credit.   A credit can be reduced by your other tax liabilities.  

**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.**

Why when i put in the 3300 in child tax credits i received is it reducing my refund i should be credited the other 3300

And.....remember that the software started out showing the FULL amount of the child tax credit when you entered your dependents.   When you enter the amount of advance payments already received, it takes away the amount you already got---you do not get it all twice.   Did you enter letter 6419 yet?   If you have not yet received that letter you will be getting it in the mail.   Enter your CTC information very carefully to avoid long delays in processing your refund.

**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.**

Why when i put in the 3300 in child tax credits i received is it reducing my refund i should be credited the other 3300

First the Refund-O-Meter is only correct once all your income and expenses have been entered and the program is fully operational. With each entry of income or expenses the meter will continue to vary as the program recalculates the return with each step you take.  If this annoys you then turn off the meter until the end.   

 

 

Next ... the program interview flow is  poorly designed  and it  will give you a false refund total early in the interview.   The program gives you 100% of the CTC and the third stimulus credit once you have completed the MY INFO tab early in the interview  and  then much   later, in the deductions & Credits tab,  you are asked how much of these credits you got in advance and then the credits are adjusted for the advance payments which will show as a reduced refund amount or an increase in the balance due.  

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question