Question

Letter 6419 AdvCTC payments

Forum|Forum|4 years ago
February 11, 2022
2 replies
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Hello - my wife and I both received letter 6419 for 1362.50 each. Do I enter the $1362.50 or $2750? If we enter the larger amount our federal taxes due goes up to over $1000.00. All other data is entered in to turbotax and I am waiting to see what I should enter. thanks

V

Vanessa A

You would enter $1,362 for you and $1,363 for her. This will give you the $2750 total and the correct remaining balance of the Child Tax Credit.

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DoninGA

Employee

You enter the amount received for both of you which will total up to $2,725. You posted $1362.50 for each of you so that totals $2,725.

When entering the amounts received in TurboTax you should enter $1,362 for you and $1,363 for your spouse. This is because any amount of $0.50 or more is rounded up to $1 and the Total received is what is used in calculating the Child Tax Credit you are eligible to receive on your 2021 tax return.

When you enter your children as dependents the TurboTax program will enter the Child Tax Credit you are eligible to receive. If the child is under the age of 6 that Child Tax Credit is $3,600. If the child is age 6 thru 17 in 2021 that Child Tax Credit is $3,000.

So for example - If you have two children aged 6 thru 17 in 2021 the Total Child Tax Credit is $6,000. That total CTC is reduced by the $2,725 of advanced child tax credits you received from the IRS in 2021. So the amount of Child Tax Credit entered on your federal tax return Form 1040 Line 28 would be $3,275.

The Child Tax Credit is a refundable credit so it is included in the total tax payments on your return. If the total tax payments are greater than your total taxes you will receive a tax refund for the overpayment. If the the total tax payments are less than your total taxes then you will have taxes owed.

Look at your Form 1040 and are using the online editions -

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

Or if you are using the TurboTax desktop CD/Download editions installed on a personal computer -

Click on Forms. When in Forms mode click on the Form 1040 on the left side of the screen to open and view