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- IRS is reducing the Additional Child Tax Credit citing the Premium Tax Credit repayment
IRS is reducing the Additional Child Tax Credit citing the Premium Tax Credit repayment
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CJ058
Level 1
07-31-2024
01:22 PM
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IRS software possible difference with Lacerte software calculations - Form 8812.
Received a CP11 reducing the Additional Child Tax Credit and applying the full Child Tax Credit to line 19 on the 1040, this is prior to applying the Residential Clean Energy Credit.
The Child Tax Credit Limitation Worksheets in Lacerte appear to be correct, allowing the Residential Clean Energy Credit to be applied first followed by the Child Tax Credit and then the Self Employment Tax and the Additional Child Tax Credit reduction. Speaking with two IRS Tax Pro Hotline agents, they said we needed to recalculate our 8812 but could not say what changes needed to be made.
A third agent felt the Premium Tax Credit was affecting the Child Tax Credit limitation for line 19. I can not find any support for this being the correct and Lacerte software has not shown this to be true. The client does have a PTC repayment on Schedule 2, but again the worksheets appear to be correct.
Has anyone else run into this or a similar miscalculation notice situation?
