You are able to view the Child Tax Credit on line 28 of the Federal 1040 under Tax Tools / Tools / View Tax Summary / Preview my 1040. In the software, TurboTax computes that you qualify for the Child Tax Credit and gives you immediate credit for the total amount of the Child Tax Credit. Second, the benefit of the credit was reduced by the amount of advance payments reported.First, given full credit for the Child Tax Credit, then.Your refund amount changed because you are: The credit is computing correctly and you are able to view the changes in this two-step process. NOTE: The CTC is indeed a “credit” that can be applied toward any tax liability that you would otherwise have to pay as “tax due” to the IRS. Click on Preview my 1040 on the left side of the screen. The remaining amount of CTC that you can receive will show up on line 28 of your 2021 Form 1040.Ĭlick on Tax Tools on the left side of the screen. Enter the information from that letter carefully. It will show the amount of advance child tax credit that you received during 2021. The IRS is sending out letter 6419 to you. 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.įederal>Deductions and Credits>You and Your Family>Child Tax Credit That "refund monitor" changes as you enter information. 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.
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