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CTC Advance Credit Issue

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    CTC Advance Credit Issue

    MFJ w/3 children e-filed in March FINALLY processed 7/13/21! Refund received with interest. It involved new child born in 2020 and unpaid stimulus applied for. So all is now good for 2020. Unfortunately, since it did not process by 6/28/21, they are sending advance CTC for only 2 children based on 2019 return. Will this correct itself, or will client just have to wait to file next year for 3rd child?

    #2
    I attended an IRS web cast today, and was told they will use 2020 return or 2019 if 2020 not on file. You will reconcile on the 2021 tax return

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      #3
      Have them use the new portal to add a child. Can add for August and forward by 2 August, I think.

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        #4
        Thanks. Not available yet on portal, scheduled for "late summer" per IRS Topic. Will update for this as soon as it is available. Maybe by Sept.

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          #5
          Burke is right. I've had clients opt out, but none add a child. Late summer... Or, if you're really lucky, the deadline for August payments is something like 2 August, so maybe because your client's return processed 7/13/21 their August payment will include their new child. Maybe. Wait and see. 2021's tax theme is Patience.
          Last edited by Lion; 07-22-2021, 10:27 AM.

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