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Ari159
July 21, 2021
Question

Child credit

  • July 21, 2021
  • 1 reply
  • 0 views

How does the new stimulus update on children work, if my son is alternated on taxes. 2020 was my year to claim our son and 2021 will be his dads? 

    1 reply

    Nick-K-EA
    Nick-K-EA
    July 21, 2021

    In cases where the tax credit is alternating, the "wrong parent" will be getting the advance payments. The payments will be reconciled on the return you'll file this spring, and the parent who received the payments will be dinged for them. The best thing is to go to the Child Tax Credit Update Portal and opt out of the advance payments. The rightful recipient of the credit will receive it on their return.

    Nick K, EA
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