Читать книгу J.K. Lasser's 1001 Deductions and Tax Breaks 2022 - Barbara Weltman - Страница 29

If you had a change in income, dependents, filing status, or residency, you may have received more in advance payments of the child tax credit than what you are actually entitled to, based on 2021 income, dependents, filing status, and residency. You may have to repay some or all of the excess advance payments received.

 There's no repayment required if your modified adjusted gross income (MAGI) for 2021 does not exceed $40,000 for singles, $50,000 for heads of households, or $60,000 for joint filers as long as your principal place of abode was in the U.S. for more than half the year.

 There may be repayment if MAGI for 2021 is between $40,000 and $80,000 for singles, $50,000 and $100,000 for heads of households, or $60,000 and $120,000 for joint filers as long as your principal place of abode was in the U.S. for more than half the year. It depends on the “repayment protection amount,” which is $2,000 multiplied by the number of children used to figure your advance payments minus the number of children used to figure the total credit amount on your 2021 return. If the number of children is the same, then the overpayment must be repaid (i.e., there is no repayment protection amount). If there is a repayment protection amount, then there is a reduction in what must be repaid.

 There's full repayment if MAGI is at least $80,000 singles, $100,000 for heads of households, or $120,000 for joint filers.

If you claim the foreign earned income exclusion to exclude income earned abroad up to the annual dollar limit ($108,700 in 2021), you cannot receive the refundable child tax credit.

For 2021 returns filed in 2022, the IRS is not permitted to issue tax refunds for the refundable child tax credit before mid‐February 2022. As a result, refunds usually aren't received until the third or fourth week in February, even for returns submitted in January 2022.