Are you a parent who alternates years taking a dependent child? If NOT, skip this paragraph. If you had a child tax credit last year, but this year you will not be taking the dependent that credit related to, you may have received these advanced payments. If so, that money will eventually need to be paid back when you file your tax returns this year. So be sure to add up the total advance payments you have received, and put that money aside, so it can repaid with your tax return.
Did you receive at least one (1) Advance Child Tax Credit Payment (ACTCP) over the summer/fall of 2021?
If so, the IRS will be sending you Letter 6419 in January. The information in this letter is important and needed in the preparation of your 2021 tax return. It shows the total amount of payments received, which will assist in calculating what you are eligible for as part of your Tax Year 2021 taxes. If you do not have your Letter 6419, the payment amounts can also be found in the CTCUp Portal. If you file early, before your Letter 6419 arrives, you should authenticate and verify your Advanced Payments Received on the portal before preparing your taxes for 2021.
If the accurate amounts from the 6419 letter or CTCUp (for both taxpayer and spouse, if applicable) are not entered, the return will fall into error processing by IRS, delaying the refund deposit.
For general info, please visit the IRS Site, Advance Child Tax Credit Payments.
For specific payment information, please visit the CTCUp Portal.
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Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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