- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes.
The additional $1000 begins to phaseout at MAGI of $150000 on MFJ returns.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Did they receive any Advanced Child Tax Credit?
(But they do lose some as the AGI is high.)
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks for your information
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
They do not . . . and that was my problem. thanks for your information,