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Solved

Line 28 on Form 1040

Forum|Forum|4 years ago
April 11, 2022
1 reply
0 views

How is line 24 on form 1040 calculated? My wife and I received $2,000 for our 2 kids per letter 6419 (2 letters, $1,000 each). So I'm assuming the calculation is $4,000 minus the $2,000 from letters 6419. My question is, where does the $4,000 number come from?

Best answer by KrisD15

That would be the amount of the credit reduced because of income.

That is calculated on Schedule 8812 which is included with your tax forms.

According to the IRS:

A4. The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

$150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
$112,500 if filing as head of household; or
$75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

Level 15

That would be the amount of the credit reduced because of income.

That is calculated on Schedule 8812 which is included with your tax forms.

According to the IRS:

A4. The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

$150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
$112,500 if filing as head of household; or
$75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

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