I made a mistake and got too much 2006 child tax credit refund. How much is interest/penalty on that

I claimed children as dependents who were claimed on someone else%26#039;s return for EIC. I have amended all returns and paid back the child tax credit I received for 2006. Will the IRS charge me penalties and interest on it since this money they refunded me in 2006 was not actual taxes I %26quot;owed?%26quot;

I made a mistake and got too much 2006 child tax credit refund. How much is interest/penalty on that?

Of course they will. You had money that wasn%26#039;t yours.

Interest is running 7-8% a year.

Penalties are running .5% a month.

The only time this combination is allowed is if a custodial parent signs a form 8332 to allow the non-custodial parent to claim the exemption/child tax credit. If you are not a parent, this was not an option.

I made a mistake and got too much 2006 child tax credit refund. How much is interest/penalty on that?

They will send you a notice. They get things screwed up all the time. When you get the notice, call the number at the top (usually right side) and speak with a rep. Tell them what happened and what you did, you might weasel yourself out of any penalties and intrests.

I made a mistake and got too much 2006 child tax credit refund. How much is interest/penalty on that?

They%26#039;ll probably at least charge interest, and maybe penalties. Yes it%26#039;s money you owed - you got a refund you weren%26#039;t entitled to.

I made a mistake and got too much 2006 child tax credit refund. How much is interest/penalty on that?

But it was taxes or refund of taxes you improperly or fraudulently received, due to a tax return you filed. They didn%26#039;t just send it to you out of the blue, like this new tax rebate. The notices should have told you, but yes, there will be penalties and interest, so paying it back quickly as you did, the better position you are in.