Question

Dependent

Forum|Forum|4 years ago
July 21, 2021
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My ex and I share custody of our son and we switch off claiming him on taxes every other year. I claimed him for 2020 so I am signed up to receive the advanced credit but my ex will be claiming him next year. How do we approach this situation??

Critter-3

YOU : can either opt out of the advance payments OR keep getting them then pay some or all back on the 2021 return ... if you keep them put them aside in a savings account so you have them available for repayment. https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-h-reconciling-your-advance-child-tax-credit-payments-on-your-2021-tax-return

EX : he will get the CTC on his 2021 return OR he can sign up for 1/2 the credit as an advance when and if the IRS site allows it. https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021