Advanced Child Tax Credit - July 2021

Forum|Forum|5 years ago
March 13, 2021
2 replies
22 views

A client called asking if she will receive the anticipated portion of the Child Tax Credit for the 17-year-old dependent that she had on the 2020 Income tax return that she filed a month ago. Does anyone know if the anticipated payments are based on the 2020 tax return?

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

Nobody knows for sure how this will work yet.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxGuyBill

It sounds like it? But it seems weird that in January 2022, they would first look to 2021 when the tax return has not been filed (it then would revert to them looking at the 2020 return). Maybe they will reassess things after the tax return is filed???

In regards to the Advance payment:

‘‘(2) REFERENCE TAXABLE YEAR.—Except as provided in paragraph (3)(A), the term ‘reference taxable year’ means, with respect to any taxpayer for any calendar year, the taxpayer’s taxable year beginning in the preceding calendar year or, in the case of taxpayer who did not file a return of tax for such taxable year, the taxpayer’s taxable year beginning in the second preceding calendar year.

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