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Get your taxes done using TurboTax
@VolvoGirl @one26528 - because AGI exceeds $150,000, the Child Tax Credit is limited, so it wouldn't be $7200 for the two children. the credit is reduced by $50 for each $1,000 over $150,000. So that is $18,000 Times 5% or $900. The credit is $7200 - $900 or $6300, so that is correct
Also, since 2020 AGI exceeded $150,000 the Advance would have been 1/2 of $2000 (and no record of the 2021 Baby since the Advance was based on 2020 tax return).
$5300 on the tax return appears to be correct.
‎August 13, 2022
4:49 PM
1,182 Views