CHILD TAX CREDIT 2023

[HOPE2]

Hi to all. I was wondering if Proseries updated for :

ACTC amount increased.

The maximum amount of ACTC for each qualifying child increased to $1,600.

Any help

[garman22]

I thought the new bill proposed was 1800?

[Camp1040]

The house is voting tonight. As of now the ACTC is still $1600

[Just-Lisa-Now-]

Look at the 8812, I have to think the dollar amount would be shown right on the form.

[garman22]

I think OP changed her question........

[MrMRM]

Good evening,

We have many clients who qualify for ACTC and are waiting for ProSeries to update. Is there a proposed date for the update to happen? We already have many families waiting to have their taxes e-filed thus it is important that we know right away. Thank you.

[Just-Lisa-Now-]

What update are you waiting for?  Everything looks current to me. 

If youre waiting for that HR7024 bill to pass, dont hold your breath.

[HOPE2]

Hi Lisa. Thanks for reply. Should we waiting for any update regarding ACTC?

As you replied for @MrMRM, we do not need to wait for any update, am I right?

[Just-Lisa-Now- · Accepted solution]

the only thing we'd be waiting for would be if that bill passed, but the republicans have made it pretty clear they wont be passing anything that might make the POTUS look good prior to the election, so I'm not waiting around for that.....I think if it somehow eventually did pass, the IRS would make the correction automatically like they did with unemployment that year we had the retroactive change.

[HOPE2]

Thanks @lisa.

Could you please send me a link regarding this new law if it is possible?

I searched but did not find it.

May my searching was not correct.

Thanks for your help!

[Just-Lisa-Now-]

Im in California so I sign up for Spidells Flash Emails, they keep me up to date with whats happening, heres one from the other day...

https://www.caltax.com/news/flash-email/2024-05-tax-deal-bill-moves-to-senate/

[MariaBTC]

I can't seem to see the solution. It doesn't appear that Proseries has updated the form.  I called but the person at Proseries had no idea what I was talking about.

[MariaBTC]

Thank you for sharing! I just signed up! 

[Camp1040]

The CTC/ACTC has not changed. Child tax credit = $2000.

ACTC = $1600

[MariaBTC]

OMG I have some clients insisting on waiting since they keep posting about it on the news!  😕 How are you all addressing it? Most of my clients are just filing.

[Camp1040]

File the returns, if the client insists then they go on the back burner!

[BobKamman]

Congress doesn't want to vote on anything this month because someone lost the crayons they use for counting.  

[Just-Lisa-Now-]

I think that additional CTC would be something that IRS could fix automatically and send out any extra refunds if it ever actually happens, like they did with unemployment that year, were not talking about huge amounts of money.