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- Iowa deduction for federal income taxes in 2022 regarding 2021 child tax credit
Iowa deduction for federal income taxes in 2022 regarding 2021 child tax credit
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Tolly
Level 4
02-08-2023
11:46 AM
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Lacerte is adding back the entire 2021 child tax credit from form 8812 as a deduction on the 2022 IA tax return line 31 including the advance payment. This is not correct. Example - total child tax credit from 2021 8812 is $4,000, 2021 advance payments $1,000 so $3,000 refundable credit on 2021 1040 line 28. Lacerete is adding $4,000 to the federal tax deduction on the 2022 IA line 31.
Am I correct?
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