Where do I enter my advance child tax credit on TurboTax?
To claim the Additional Child Tax Credit, you need to complete Schedule 8812 and attach it to your Form 1040 or Form 1040-SR.
No application is needed to use this program. However, you must file your taxes using the guidelines posted on the Schedule 8812 (Form 1040 or 1040A, Child tax Credit page. Based on the tax information you provided, the IRS will determine if you qualify and automatically enroll you for advance payments in 2021.
- Open your return.
- Click on Federal tab under Tax Home.
- Click on the Edit/Add button next to Advance payments, Child and Other Dependent Tax Credits (under Your tax breaks).
- Answer the interview questions.
Enter the smaller of line 12 or 13. This is your child tax credit and credit for other dependents . . . . . 14 Enter this amount on Form 1040, 1040-SR, or 1040-NR, line 19.
Make sure you entered your Dependent(s) correctly in the My Info section. Type 'child tax credit' in the Search area, then 'Jump to child tax credit'. Go through the section again, checking your entries. At the end of the section, TurboTax will tell you if you qualified or not, and also tells you why or why not.
Schedule 8812 In the Federal section of your return, go to Deductions & Credits. Scroll down to You and Your Family and click Revisit/Start next to Advance payments, Child and Other Dependent Tax Credits. Click Continue. Answer Let's start with where you spent the most time in 2021.
Option 1: Fill in and mail your 2021 Return with Form 1040 and Schedule 8812. You can claim the full credit on your 2021 Return as well as the third stimulus payment if you did not receive it.
What is a letter 6419? Specifically, it will show you: The total amount of advance CTC payments you received for 2021. This information will go on Schedule 8812, line 14f or 15e as applicable.
(added June 14, 2021) A3. For purposes of the Child Tax Credit and advance Child Tax Credit payments, your modified AGI is your adjusted gross income (from the 2020 IRS Form 1040, line 11, or, if you haven't filed a 2020 return, the 2019 IRS Form 1040, line 8b), plus the following amounts that may apply to you.
2. Call the IRS at 800-908-4184 if you cannot access your account. This is the number listed on Letter 6419.
Do you enter Letter 6475 on TurboTax?
How do we enter this info? You enter the amount received for the third stimulus in the Federal review section. Any stimulus amount remaining due to you will show as a credit on line 30 of your form 1040.
Use the amount on the Letter 6475 (or EIP 3 Amount from Online Account) to calculate the RRC amount on line 30.
Use Schedule 8812 (Form 1040) to figure your child tax credits, to report advance child tax credit payments you received in 2021, and to figure any additional tax owed if you received excess advance child tax credit payments during 2021.
The Child Tax Credit isn't refundable, but you may be able to get a refund using the Additional Child Tax Credit (ACTC) if you end up owing less tax than the amount of the Child Tax Credit you qualify for. You can claim these credits when filing your tax return.
For tax returns filed in 2023, the child tax credit is worth up to $2,000 per qualifying dependent under the age of 17. The credit is partially refundable. Some taxpayers may be eligible for a refund of up to $1,500.
For tax year 2022, the Child Tax Credit reverts back to the benefits available prior to the American Rescue Plan as follows: Reverts back to up to $2,000 for 2022 – 2025. Each dependent child must be under age 17. Refundable up to $1,400, but no longer fully refundable.
The program: The calculation of the additional child tax credit is dependent on the amount of your 'earned income' and the number of qualifying children you have.
Advanced payments for the Child Tax Credit began in July and have been going out every month since. However, some taxpayers may have not received their payment because it was improperly deposited, there was an issue with the mail or they didn't sign up before the deadline.
Based on the amount of qualifying dependents you claim on your tax return, the IRS might require you to fill out Form 8812. IRS Form 8812 will need to be filed alongside your 1040, 1040A or 1040NR at the time of your tax return, and can't be requested later in the tax year.
Option 1: Fill in and mail your 2021 Return with Form 1040 and Schedule 8812. You can claim the full credit on your 2021 Return as well as the third stimulus payment if you did not receive it. Option 2: Use the IRS CTC Portal (no longer valid) or Free Fillable Forms page.
Does TurboTax include Child Tax Credit?
If you file using TurboTax, you will be asked simple questions to determine if you meet the requirements to qualify for this tax credit when completing your tax return. Calculating the amount of the Child Tax Credit requires a few key numbers.
The IRS Letter 6419 tells taxpayers who received monthly advance child tax credit payments how much they received. You'll need this info to accurately prepare your 2021 tax return.
Additional Child Tax Credit
The ACTC flows from Form 8812 to Form 1040, line 17b.
How to file Form 8812. You will first need to complete the form using the Schedule 8812 instructions and then enter the results on your Form 1040. You'll need to include the completed schedule with you tax return. You'll use Form 8812 to calculate your Additional Child Tax Credit.
Excess Advance Child Tax Credit Payment Amount: If you received a total amount of advance Child Tax Credit payments that exceeds the amount of Child Tax Credit that you can properly claim on your 2021 tax year, you may need to repay to the IRS some or all of that excess payment.
