IRS Letter 6419 and the Child Tax Credit (Form 8812)
Вставка
- Опубліковано 7 вер 2024
- If you received Advanced Child Tax Credit payments during 2021, you should expect to receive an IRS Letter 6419. SAVE THIS LETTER!!!!!
You will need LTR 6419 to accurately prepare your Form 8812 for the child tax credit reconciliation.
For a larger database of tutorials, please visit our website and search for your question:
knottlearning....
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#IRS #ChildTaxCredits #LTR6419
thank you so much that help alot
You're welcome!
My wife and I got one for each of us but we file joint. The confusing thing is the amounts are the same on each form yet it wants us to add them together when filing jointly
The IRS is supposed to issue a LTR 6419 to each spouse for 1/2 the amount actually received. So, if a joint couple received $1,000 in cash advancements, each spouse would receive a letter for $500. However, like anything else with the IRS, mistakes are always made. Make sure the amount reflected on the letters is actually the amount of advanced credit you received.
Thanks for the update.I just gat the 8812 form
That is good news! Just make sure the amounts reported on LTR 6419 match what you actually received during the year.
How do I access form 8812 ?
I just had a newborn 3 weeks ago , how can I start getting the tax child credit please
Thanks for the response, although I file the 1040 I still have to attach the 8812 form
I got $550 for 6 months for two kids that's $3,300 I filed my taxes I was getting back $1,619, the IRS changed it and now I got to pay $1,681????
A taxpayer might have to repay some of their advanced CTC if their income changed from the projected amounts. If your income increased in 2021 vs 2020, then you might have to repay some of the CTC because of the income phaseouts.
I make the same each year $80,000
What happens if you do not get the Child tax credit that is due to you ?
Depends upon why it was denied. If you are entitled to the CTC but the IRS denied the claim on your Form 1040, the IRS will send you a notice in the mail stating the reasons for the denial, which you can reply to the letter and challenge their position.
@@JasonDKnott Thank you! Of course I have tried to contact them to no avail. I meet all the criteria and literally make under 60k a year w/ 2 dependents and opted out of monthly payments so it's like why?????!!!!
When I filed my return it isn’t giving me the rest of the credit. I was supposed to get 3600. I received 1800 in advanced payments. But when I add that part to my return it only adds 300 to my return. Shouldn’t it add 1800 to my return?
Your available child tax credit is subject to phaseout if your income exceeds certain thresholds.
Hi I have one child she’s 6 what do I put where they ask for what payment u
Receive do I put 300 or 3600
The Letter 6419 only reports the amount of advanced payments made during the year, not the total amount of child tax credit you are eligible to claim on Form 8812 and Form 1040.
Thanks for the update. My daughter's (15) mother and I alternate claiming her every other year. I claimed my daughter on 2020 tax year and received $1500 from the 2021 Child Tax Credit Act this past year. My daughter's mom will claim her for the 2021 tax year. Noting this, I will need to file a Schedule 8812. I also learned, although too late, I could have stopped payments from the IRS in regards to the 2021 Child Tax Credit. What should I expect since I do not qualify for repayment protection ($80,000 Single filer) and I am not claiming my daughter for tax year 2021?
How do I file the schedule 8812, I do not have an income for 2021 and I need to know how to fill up the 1040 form, your advice would be appreciated
You can still file a Form 1040 even if you have no income. If you are otherwise eligible for the CTC, you can still prepare a Form 1040 and the attached Form 8812.
Great info.!!!
Quick question what box do i check off in Line 13, form 8812. If im living in the US as a no resident.
Generally, if you are living in the U.S., you will be a U.S. tax resident. The question asks if you maintain your principal place of residence within the U.S. (which is more than 1/2 of the year), and any temporary absences related to business, illness, education, or vacation, will not impact that calculation.
@@JasonDKnott got it thank you.
Thanks for the video, please do i need to put 6000 usd (for two kids) in line 19 too or keep it empty?
Part II-A is only completed if you did not check a box on Line 13 in Part 1-A.
DO i need to put the amount of child tax credit i revecie last year on my 2022 1040 form
tax return when i file
No, you don't have to report the amount from last year on Form 8812. However, the amount of income and credit received last year, did have an impact on your advanced child tax credit payments received during calendar year 2021.
I've heard that if I made more in 2021 vs. 2020 I might need to pay the payments back? What about the 2nd half that I didn't receive? Thanks
It is possible that you might have to repay some of the credit if your income was high enough to enter the phaseout region. The credit starts to phase out if your income is 75k or greater for a single filer.
Will the non filer tool be open again for people without taxable income to file this form? I'm on SSDI but have a qualifying dependent & received the advanced credit. I've kept the money aside but I should be able to keep it right?
The IRS closed its non-filer program back in November 2020, and there is no indication they will reopen the platform. The advanced child tax credit payments do not affect your SSDI benefits, but you still may want to file your Form 1040 if you didn't receive the full advanced credit.
I got the letter but don't have a w2 form to file it because I didn't work last year how do I go about this?
You can still file a Form 1040 tax return even if you did not receive W2 wages during the year. Every U.S. taxpayer should file a Form 1040 to report their gross income and all allowable deductions.
What do you do if your spouse who received the credit for a partial year and they alternate each year. Now the other parent is now claiming the child on their return. How do they report this on Form 8812? Do they reflect the $3000 or $1500?
At 2:51, line 5 (From your example) you put $3000 because of 1 child with 6 years older. But the form mentioned that you have to use "Line 5 Worksheet" calculation to get the amount. I tried the line 5 worksheet from your example, no matter you are either married filing jointly or head of household, also regardless your income, the final result will be only $2000. Can you explain to me that why you can just use $3000 but no need to go through the "line 5 worksheet"?
The Line 5a worksheet is used to calculate a reduced amount of credit if your income is above the thresholds to compute a phased out credit. In this example, the single filing taxpayer had income less than $75,000, so there was no reduced credit when he completed the Line 5 worksheet. If your a single filing taxpayer with one child, and your income is above 75k, the Line 5a worksheet will reduce your credit by $50 for every $1,000 it is above 75k. There are different phaseout levels for married couples and head out household.
@@JasonDKnott Thank you so much. Actually I misread the step 9 in Line 5 worksheet "Subtract line 8 from Schedule 8812, line 3" to "Subtract line 8 from line 3". After your explanation, everything make sense now.
Hi I just filed my income tax this morning and in the evening I recieved this letter but the tax has already been filed. What do I do?
If you have already filed your return, you just wait and see if there are any rejection or delay issues. If the IRS finds any discrepancies between your return and information reported on LTR 6419, your tax refund may be delayed or adjusted.
So it depends on your income 2020 or 2021 if you are married,
Your 2020 income was used as a benchmark to determine if you qualified for the advanced credits. When you file your 2021 tax return, you can claim the remainder of the credit, or you might have to pay some back if your income increased from 2020 numbers.
I’m Worry about income 2021 , for married filed me and my husband is 68k in 2021 , and I have CTC in 6 months already , 3kid over 6yr, and one under 6yrs
@@JasonDKnott I have my brother he come US from June until now but he is single and he has one son 13yrs old so he can have CTC$3000 and he and his son can have the sitimulus check 1,400 from president
I have not gotten my letter from the IRS but I have been able to log onto into the irs portal. All it tells me is the same info I’ve already known. I got $850 for the 6 months. I have a 16,5 and 1 year old. $300,$300 and$250 for the three kids. I want to file so what would i put in turbo tax for the amount that i got from the expanded child tax credit program?
The information in the portal should match what is reported on the LTR 6419. Ideally, you should wait to receive the letter for confirmation. Once the details are confirmed, you can complete Form 8812 to claim the additional amounts of child tax credit due to you given your three dependent children.
My child’s mom claimed our daughter in 2020 so I’m guessing she’d receive the child tax payments. Our child turn 17 in December of 2021. Would I be able to get the child tax credit when I do my taxes since I didn’t receive any payment at all in 2021?
It generally depends on who is the custodial parent. Only the custodial parent is allowed to claim a dependent child. However, the noncustodial parent can claim the child as a dependent and receive any child tax credits, if the custodial parent releases the claim via IRS Form 8332.
When will I get the letter
The IRS started mailing out letters in January. Some people have received already, while others are still waiting.
@@JasonDKnott okay because I still haven't received mines
Married filling joint with 3 kids over 6 we received 3000 so do I file $1500 and 1 child for me and $1500 and 1 child for my spouse?
did you get this figured out? im hearing you have to put the same amounts for each spouse. like we are at $2500 for 3 kids