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Tax Year 2022
Client has 2 children ages 8 & 12 with no earned income. Credit is not calculating. What am I doing wrong?
I verified all information is correct on the Information Worksheet Part III for the children.
Using ProSeries Basic
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Didnt they change it for 2022? Not the same as 2020 and 2021.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Definitely different from 2020 & 2021. Are you saying that they do not qualify for CTC if they do not have any earned income? That is not how I read it on IRS.gov.
Thanks in advance for your help.
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Google is your friend:
In 2022, the tax credit will be refundable only up to $1,500 (up from $1,400 in 2020 to adjust for inflation), depending on your income, and you must have earned income of at least $2,500 to even be eligible for the refund.
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YVW... a lot of clients are likely to be 'surprised'.