Question

My Child Tax Credit is only showing $2000, but per the new COVID stimulus additions, I should be receiving up to $3600. Why is this not the case?

Forum|Forum|5 years ago
March 18, 2021
2 replies
0 views

I meet all the criteria for the full $3600 credit. Is this an issue within Turbo Tax itself?

TurboTax Self Employed Online

Employee

The new (expanded) Child tax credit ($3000; $3600 for kids under 6) is effective for 2021. There is a provision for advanced monthly payments being made in 2021. The payments will come from the IRS, similar to the stimulus payments. The details of how and when are yet to be worked out, but starting in July has been mentioned.

Getting the expanded child tax credit has nothing to do with filing your 2020 tax return. Whether you already filed, file now or file later, the additional money will not be part of your 2020 tax refund.

P

PattiF

The Child Tax Credit from the American Rescue Plan is not connected with your tax return.

The plan is for eligible people to receive monthly installments of $250 or $300 a month to start in July.

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R

Rpard

Per the IRS website:

Important changes to the Child Tax Credit helped many families get advance payments of the credit:

Half the total credit amount was paid in advance monthly payments in 2021.
You claim the other half when you file your 2021 income tax return.

I’m still trying to figure out why it’s not calculating correctly as well.

X

xmasbaby0

Employee

@Rpard The software and tax forms need to update for the CTC. In January you are going to receive a letter 6419 from the IRS that shows the amount of advance CTC you received. Enter that information carefully --- and watch line 28 of your Form 1040. That is the line that shows your CTC for 2021.

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