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I worked through the 2022 IRS Tax Withholding Estimator recently to make sure my withholdings were correct. To my surprise it said I would owe a lot of money. I usually try to make things such that I get a very small return each year. When I looked at the amount of money I would owe, it was almost equal to the amount of the child tax credit. Currently I do not receive the child tax prepayments because I just change my withholdings accordingly.

I didn't see a way in the withholding estimator to signify whether or not I was receiving these prepayments. So I'm guessing it is assuming that I do receive those prepayments. I'm hoping someone here can confirm that it indeed does. Otherwise I need to make significant modifications to my withholdings.

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  • There are/will be no Child Tax Credit advance payments in 2022. That was only for 2021 and specifically July-Dec 2021. Do you expect major differences in your economic life in 2022? If not, just take your 2021 return line 24 less line 32 and that's what you need to pay, so if you withhold a little more than that and things don't change unexpectedly you'll get a small refund. Apr 17 at 4:43

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