your tax return — May 17, 2022

Help! I Messed Up My Child Tax Credit Payments on My Taxes

by Susannah Hornback

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Everyone who received Child Tax Credit (CTC) payments in advance in 2021 (from July to December) was required to report those payments on their 2021 tax returns.

However, mistakes happen—we're human, after all—and some people are discovering problems with the amounts they reported after their returns were filed.

Are you in this boat? Let's talk about what to do if you discover that you reported the wrong amount in advance CTC payments.

Will the IRS reject my return if the CTC amounts are wrong?

No, your return won't be rejected if the amount you listed for your advanced payments of the Child Tax Credit are wrong. That said, just because your return isn’t rejected doesn’t mean it’s right.

Do I need to amend my return if I messed up the CTC amounts?

Here’s the good news—even though a return with inaccurate CTC amounts would be accepted, you don’t have to go through the trouble of amending your return. The IRS has said that it will fix these amounts while processing your return.

Processing your return will take a bit longer, but the IRS has requested that taxpayers not file an amended return to fix CTC errors.

How will I know if the IRS had to fix my CTC amounts?

If the IRS has to change anything on your tax return, they will send you a letter or notice in the mail. If you get correspondence from the IRS, look in the upper right-hand corner for a LTR or Notice number. Then, you can use this handy roadmap from the Taxpayer Advocate Service for more info on the type of letter you received.

Feel good about your Child Tax Credit payments

While there’s still no sign of monthly Child Tax Credit payments in the near future, we’re here to help you stay on top of any news you may need for the 2021 CTC. Be sure to subscribe to the Blog below for updates as they happen—we’ll let you know if monthly payments start up again!

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