I have been seeing a lot of posts in Facebook, Reddit, and others with the question “What is my refund lower than ever?”
The first few questions a tax professional asks is did you receive the stimulus payment or advance child tax credit. If you have dependents and did not opt out of the advance child tax credit (ACTC) you received something.
The ACTC was an advance on the Child Tax Credit you would usually receive on a tax return. Did you miss the ADVANCE in the ACTC? It was not EXTRA money. The answer to the question is that if you have dependents and claim the Child Tax Credit, you already received some of it as an advance.
If you need a tax return prepared or are receiving notices from the IRS contact me for a review.
