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I'm preparing a CO return. There is a Family Affordability Tax Credit that Lacerte is calculating for both children using the 5 & under table & also for 6-16. However there are NO children 5 and under, all are older than 5, the youngest is 7 & the oldest is 16. Does any CO preparers know why this is happening or if Lacerte is correct?
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Looks like there are two credits. You might be getting just one of them.
Qualifying resident individuals can claim a refundable child tax credit for tax years 2022 and later. Income restrictions apply in determining eligibility for the credit. The credit is allowed only for eligible children under the age of 6. However, a separate credit may be allowed for children age 16 and younger. For additional information, please see Department publication Income Tax Topics: Family Affordability Tax Credit(opens in new window).
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Thank you that is where I spotted the applicable amount for their credit. After I posted I realized that the credit they get, times the number of dependents is calculating the credit they will get with the 6-16 Family Affordability Tax Credit Table on the link you referred to.
I believe this is why the program is calculating a credit for all 3 dependents, I found this: https://tax.colorado.gov/colorado-child-tax-credit apparently there is a new credit in 2024!
