Question

Elected to not collect advance child tax credit for 2 children but refund total does not increase

Forum|Forum|4 years ago
February 2, 2022
1 reply
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Wife and I are filing jointly (under 150k income threshold). Elected to not collect advance child tax credit for 2 children under 4 yrs old during the year but when completing turbo tax deductions section, the refund total does not increase on Turbo Tax tool.

Went through the section to answer all the questions and the deduction amount shows as 7200 (3600 per child X2) which seems correct, but the total refund amount doesn't increase.

If we had collected during the year we would have received 600 per month, but we figured we would just wait until the end of the year for the full refund. Any reason our refund amount in the top left wouldn't increase by 7200 after we completed that deduction section?

X

xmasbaby0

Employee

The "refund monitor" starts off by giving your all of the stimulus money and all of the child tax credit because the software does not know yet that you received stimulus money or that you received some advance child tax credit payments. That gets reconciled later.

That "refund monitor" changes as you enter information. That is normal. And you cannot take it seriously until you enter ALL of your information---even though it is so tempting to believe that the highest amount is the "right" refund.

Look on line 28 of your Form 1040 for your child tax credit.

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

**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.**