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grossie
Level 5
February 18, 2022
Question

child tax credit

  • February 18, 2022
  • 2 replies
  • 0 views

taxpayer files HOH, ADJ $ 132000.  2 QUALIFYING DEPENDENTS, CHILD TAX CREDIT IS SHOWINUP $ 5,000 AS OPPOSED TO $ 6000?

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2 replies

dkh
dkh
Level 15
February 18, 2022

Where is this $5000 - what form, what line?   Have you entered what was received in advance ?  What are the ages of the dependents - over 5 - under 5?

    G
    grossieAuthor
    Level 5
    February 18, 2022

    dkh,

    From 8812 line five and line 14i

    Form 1040 Line 28

    children ages 13 and 15

     

     

    rbynaker
    rbynaker
    Level 13
    February 18, 2022

    Looks right to me based on the info provided and a quick run through the Line 5 Worksheet on page 4 of the instructions:

    https://www.irs.gov/pub/irs-pdf/i1040s8.pdf

    ~$20K over the phase-out threshold @ 5% = $1,000 reduction in CTC.

    Has anyone found where ProSeries hid the Line 5 Worksheet yet?  IMHO you can't meet due diligence requirements without it.

      T
      TaxGuyBill
      Level 15
      February 18, 2022
      @grossie wrote:

      taxpayer files HOH, ADJ $ 132000.

       

      That is in the phase out range.  See #4.

      https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-c-calculation-of-the-2021-child-tax-credit

       

       

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