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.
Best Answer Click here
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.
Yes.
The additional $1000 begins to phaseout at MAGI of $150000 on MFJ returns.
Did they receive any Advanced Child Tax Credit?
(But they do lose some as the AGI is high.)
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.
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
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.
Thanks for your information
They do not . . . and that was my problem. thanks for your information,
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.