Everyone who got Child Tax Credit (CTC) payments early in 2021 needed to report them on their 2021 tax returns. But mistakes happen–we are human, after all–and some of us discovered problems with the amount we reported after filing our returns. 

If you are in the same boat, let us talk about what to do if you wrongly reported income tax return filing in Bonita Springs.

What to do if you have messed up the child tax credit payments on your taxes?

  • Review your tax return.

The first step is to ensure that you accurately report your child’s tax credit payments on your tax return. Double-check your entries to ensure that you did not accidentally enter an incorrect amount or leave out any payments.

  • Amend your tax return.

You will have to file an amended return using Form 1040-X if you believe there is a mistake on your tax return. The IRS will allow you to amend your return within three years of the original filing deadline, so you will still have time to correct your mistake.

  • Will the IRS reject your returns if the CTC amount is wrong?

No, your returns will not be rejected if the amount you listed was wrong for advanced payments of CTC. But just because the return is not rejected does not mean it is right.

  • Do you have to amend the return if you mess up the CTC amounts?

You do not have to go through the problem of amending the return even with inaccurate CTC amounts. The IRS will fix the amounts while processing the return. 

  • Contact the IRS

If you still have problems after reviewing your return and filing an amended return, you can contact the IRS for assistance. They will help you correct any errors or provide guidance on the next steps.

  • How will you know if the IRS will fix your CTC amounts?

If IRS changes anything on the tax return, they will send you a notice or email. If you get one, look in the right corner for a notice number or LTR. You can use that handy roadmap from the taxpaying advocate service for more information on the letter type you received.

  • Contact a tax professional.

If you are still confused about how to proceed or need assistance, contacting a tax professional is a good idea. They will help you navigate the tax code and ensure that you take full advantage of the available credits and deductions.