Form 8812/ Line 5 Worksheet

Forum|Forum|4 years ago
February 17, 2022
1 reply
10 views

Good Afternoon All,

Trying to make sure I am not missing anything with the Advanced Child Tax Credit for clients of mine who make about 100k, 2 children. They each received a statement from the IRS, which I have read can be problematic for couples and it is best to advise them to check their online IRS account for accuracy. In the meantime, I decided to fill out the forms via paper as an educational exercise and I can't seem to get the credit correct on the Line 5 worksheet. Are these forms still in process of development for the software? I really, really, don't want to make an error with this credit!

ProSeries Basic

This topic has been closed for replies.

Best answer by qbteachmt

What they are entitled to minus what they got = if there is any more to get, and there is a box to checkmark that they lived in the US at least 6 months of the year.

Here are IRS resources, FAQ, and guidance:
https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequently-asked-questions

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Repayment protection (in Sched 8812):
https://www.irs.gov/instructions/i1040s8#en_US_2021_publink100077789

https://www.eitc.irs.gov/other-refundable-credits-toolkit/what-you-need-to-know-about-ctc-and-actc/what-you-need-to-know

qbteachmtAnswer

Level 15

What they are entitled to minus what they got = if there is any more to get, and there is a box to checkmark that they lived in the US at least 6 months of the year.

Here are IRS resources, FAQ, and guidance:
https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequently-asked-questions

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Repayment protection (in Sched 8812):
https://www.irs.gov/instructions/i1040s8#en_US_2021_publink100077789

https://www.eitc.irs.gov/other-refundable-credits-toolkit/what-you-need-to-know-about-ctc-and-actc/what-you-need-to-know

Don't yell at us; we're volunteers

SensibleandHourlyAuthor

Level 6

Thank you!

I had so many tabs open looking at different things, it was ridiculous! 😉 I'll check out these links over the weekend.

Cheers, Dawn.

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