Child Tax Credit

[DRS19]

Parents with Earned Income of 166,422 and 2 children ages 14 and 15.  I thought that they would get a Child Tax Credit of 6,000 for the 2 children.  On line 5 of Schedule 8812, the amount is limited to 5,150.  Can anyone tell me why the credit is not the 6,000.

[Frustrated-in-IL]

Yes.

The additional $1000 begins to phaseout at MAGI of $150000 on MFJ returns.

[Just-Lisa-Now-]

follow the money through the 8812, that should explain the mechanics and what youre seeing as the end result.

[Frustrated-in-IL]

Here is some information that might be helpful:

https://www.irs.gov/pub/newsroom/fs-2022-06.pdf

[Accountant-Man]

Did they receive any Advanced Child Tax Credit?

(But they do lose some as the AGI is high.)

[DRS19]

Advance Child Tax Credit of 3,000 was received. I relize because of the higher income that they will not get the total amount. Does anyone know how to calculate this amount.

[rbynaker]

Everyone here knows how to calculate the amount because we're required to for due diligence, right? 🙂

See page 4 of the instructions for the "Line 5 Worksheet".  I'm surprised that ProSeries does not produce this worksheet.

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

Rick

[DRS19 · Accepted solution]

This information was very helpful and explained with higher income that the credit was limited.  I knew why my couple was not getting the 3,000 for each child, but I was getting a different amount than my software was showing and I was not sure why.  This information explained it.  Thanks again.

[DRS19]

Thanks for your information

[DRS19]

They do not . . . and that was my problem.  thanks for your information,