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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Child tax credit not calculating properly when the return contains form 2555.
Child tax credit not calculating properly when the return contains form 2555.
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taxsoftware
Level 3
06-07-2021
02:12 PM
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Is anyone else having this issue? I noticed today on a return where the income exceeds the allowable 2555 deductions, but still qualifies based on filing status, that ProConnect online is not giving the child tax credit or additional tax credit as it should.
I kept looking for the reasons that it wouldn't and all I can figure is that it has some sort of setting that blocks it if a 2555 is present at all, even though it shouldn't.
I walked through the worksheets myself by hand, including the earned income worksheet in Pub 972 and I am definitely getting a credit. However, the software is generating the worksheet only for the child tax credit (which is 0, due to tax liability of 0) and isn't figuring the ACTC at all.
I would like to discuss it with someone, but am not getting any options to connect with an actual Intuit human at all.
I kept looking for the reasons that it wouldn't and all I can figure is that it has some sort of setting that blocks it if a 2555 is present at all, even though it shouldn't.
I walked through the worksheets myself by hand, including the earned income worksheet in Pub 972 and I am definitely getting a credit. However, the software is generating the worksheet only for the child tax credit (which is 0, due to tax liability of 0) and isn't figuring the ACTC at all.
I would like to discuss it with someone, but am not getting any options to connect with an actual Intuit human at all.
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1 Comment 1
The Real Halloween
Level 7
06-08-2021
10:14 PM
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@taxsoftware ACTC is claimed using Form 8812. Part 1 of f8812 says: : If you file Form 2555, stop here; you cannot claim the additional child tax credit.
