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Anyone can help with this, please?
what is the link between the dividends income and ACTC refundable? A client has five kids under 17 earning 125,000 as wages. He gets a full $7k refundable CTC however as soon as I enter his dividend of $50k, the ACTC starts going down.
Thank you in advance.
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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There is 8812 but does not show dividend income there.
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Ahhh...I see what you mean. I just tested it on a return and added dividend income and it started wiping out the ACTC and completely eliminated at at a certain point.
Im using ProSeries but Im not seeing a worksheet or schedule anywhere that really walks through the computation.
Theres got to be a worksheet in the actual 1040 instructions somewhere.....Im not going digging though, sorry!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Exactly, this is what I mean. I think if you add $50k dividend the CTC got reduce quite a lot.
I'll look into the worksheet.
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Is MAGI over the income limits ($200,000/$400,000)?
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No that’s the thing AGI is way below the threshold. It is 175K
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Does the regular CTC change as the ACTC changes?
Ive been tinkering around with my daughters return, shes only got 2 kids and she gets 2342 in CTC and 1658 in ACTC (total of 4000)
When I add 50k in dividends, her CTC goes up to 4000 and her ACTC goes down to zero.
So if your CTC is maxed out, you wont get an ACTC.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪