According to updated FAQs from the IRS, taxpayers who received 2021 advance Child Tax Credit (CTC) payments should consider providing the tax agency with an estimate of their 2021 income in certain situations. For example, if they think they won’t qualify for the payments because their modified adjusted gross income (MAGI) in 2021 will exceed the threshold or if their MAGI in 2020 exceeded the threshold. The thresholds are $75,000 (for single filers) and $150,000 (for married couples filing jointly). The IRS will adjust the final CTC payment only if the taxpayer provides income information that supports an adjustment. To learn more visit https://bit.ly/3wxXypm
and click on Topic F.