The monthly stimulus payments made last year were based on either your 2019 or 2020 tax return. However, if your life circumstances have changed since your last filing, you may have received an overpayment. For example, if your income increased after you filed your 2020 taxes, or if your child grew out of a tax bracket. If this is the case, you may owe the IRS money when an adjustment is made to your 2021 tax return.
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Will I owe the IRS money for the child tax credit checks I received last year?
The quick answer is no, but you'll still need some financial information. According to Mark Jaeger, vice president of tax operations at TaxAct, the child tax credit cheques do not count as income, therefore you won't have to pay income tax on them.