child tax credit

[grossie]

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

[dkh]

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?

[grossie]

dkh,

From 8812 line five and line 14i

Form 1040 Line 28

children ages 13 and 15

[TaxGuyBill]

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@grossie wrote:

taxpayer files HOH, ADJ $ 132000.

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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-t...

[rbynaker]

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.

[TaxGuyBill]

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@rbynaker wrote:

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

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I swear it was available in Professional, but I can't find it.

Why do you think that is part of "due diligence"?  Just for purposes of confirming that the amount is correct?

[grossie]

Thank you all.  I couldn't find the Line 5 worksheet referenced on Form 8812 either.

appreciate the help!

[rbynaker]

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@TaxGuyBill wrote:
Why do you think that is part of "due diligence"?  Just for purposes of confirming that the amount is correct?

Purely my opinion and I'll admit I take due diligence way more seriously than most folks but IRC 6695(g)(2):

https://www.law.cornell.edu/uscode/text/26/6695

"eligibility for, or the amount of, the credit allowable by section 24, 25A(a)(1), or 32"

Then more specifically in Regs 1.6695-2(b)(2):

https://www.law.cornell.edu/cfr/text/26/1.6695-2

"(i) When computing the amount of a credit or credits described in paragraph (a) of this section to be claimed on a return or claim for refund, the tax return preparer must either -

(A) Complete the worksheet in the Form 1040, 1040A, 1040EZ, and/or Form 8863 instructions or such other form including such other information as may be prescribed by the IRS applicable to each credit described in paragraph (a) of this section claimed on the return or claim for refund; or

(B) Otherwise record in one or more documents in the tax return preparer's paper or electronic files the tax return preparer's computation of the credit or credits claimed on the return or claim for refund, including the method and information used to make the computations."

Rick

[TaxGuyBill]

Excellent point. 

I guess that is another severe problem with ProSeries.

@IntuitGabi   or @IntuitBettyJo  Do you know if the "line 5 worksheet" for Form 8812 is available in ProSeries?  And if so, how to find it?  And if it is not in ProSeries, please let the developers see the Tax Code section that Rick cited above, which REQUIRES us to have a computation.