Note: Advance Child Tax Credit payments were for tax year 2021 only.
Yes. You needed to report any Advanced Child Tax Credit payments you received on your 2021 tax return. This would be similar to reporting your stimulus payments on the 2020 return.
How will I know how much I should have received?
The IRS sent a letter (6419) in early 2022 indicating the amount of the Child Tax Credit payments already paid. Keep the letter for your records when you file your return. Misreporting the amount received could have resulted in delays in processing your return.
Will I need to pay the advanced Child Tax Credit payment back?
If the amount of your total Child Tax Credit was more than the total amount of your advance Child Tax Credit payments, you could claim the remaining amount of your Child Tax Credit on your 2021 tax return.
If the amount of your total advance Child Tax Credit payments was more than the amount of Child Tax Credit that you could claim on your 2021 tax year, you may have had to repay to the IRS some or all of that excess payment.