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February 13, 2022
Question

2021 Taxes entered correctly, child tax credit payments, 2 stimulus, child’s name,

  • February 13, 2022
  • 1 reply
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Brief email stated child may be over age (he’s 11), last name missing (it’s there), social wrong (confirmed good), made over 75k (did not)…so why did they 0 my refund and say I owe $530?

1 reply

February 13, 2022

There are many possibilities why you are not getting the refund you expected, but it boils down to either something was not entered correctly or your tax situation has changed and you are not having enough taxes withheld to get a refund. 

 

In the My Info screen under Status for your son, make sure he is listed as a dependent. If he is listed as a non-dependent, something was entered incorrectly. Verify that you entered that he lived with you for more than six months, he did not pay more than half his living expenses, his social security number is in there and the box beneath it is not checked. While in the My Info screen, you will also want to make sure you have the correct filing status for your situation.

 

You also want to verify that you are getting the Child Tax Credit for your son. If you received advanced payments, you should still get $1,500 on your tax return this year since you already received the other $1,500 from July through December. Please note that in 2020 you received a $2,000 child tax credit on your return, so part of the difference could be the lower amount you are getting on your tax return this year if you received advance payments. To verify you are getting the correct amount:

  1. Go to Federal > Deductions & Credits and look at Your Tax Breaks.
  2. The Advance payments, Child and Other Dependent Tax Credits should be listed as $1,500 or $3,000 if you did not receive advanced payments. 

Verify that your W-2 is entered correctly and that the amount in Box 2 Federal Income Taxes Withheld is correct. This can be found in the Income & Expenses portion of your return. 

 

If none of these is the culprit, it is possible that your employer just did not withhold enough and your tax situation has changed. If you earned more money this year, you may have been eligible for the Earned Income Credit last year and were not eligible this year. You may have missed out on some credits you are eligible for. Did you pay for your son's daycare while you were at work? You may be eligible for the Child and Dependent Care Credit.  You can check this article for other possible reasons. 

 

Finally, you can preview your tax return to make sure you are getting all the credits you are eligible for. If something does not look right, you can ask about that specific line or credit to see if we can figure out what is happening. To preview your tax return:

  1. Open or continue your return.
  2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  3. With the Tax Tools menu open, you can then view your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu