Here is one I do not understand and could use some help on:
My wife and I each have a letter from the IRS showing we each received $900 in 2021 Advanced Child Tax Credits ($1,800 total).
When i go through the Deductions & Credits section of Turbotax and input this information, my calculation sheet only shows an Additional Child Tax Credit of $200.
What i don't understand is why my Additional Child Tax Credit is not $1,800 ( = $3,600 - $1,800 in Advanced Payments).
Can anyone help explain this? My daughter was born in 2019 if that helps.
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So the amount you are seeing on your federal tax return Form 1040 on Line 28 is only $200?
Do you have a high 2021 Adjusted Gross Income?
The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:
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.
The Child Tax Credit won’t begin to be reduced below $2,000 per child until your modified AGI in 2021 exceeds:
The second 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.
So the amount you are seeing on your federal tax return Form 1040 on Line 28 is only $200?
Do you have a high 2021 Adjusted Gross Income?
The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:
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.
The Child Tax Credit won’t begin to be reduced below $2,000 per child until your modified AGI in 2021 exceeds:
The second 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.
Hi and thank you for the response.
AGI was $184,060 and my Taxible income was $158,900 as married filing jointly.
Didnt realize there was a reduction on the tax credit based on AGI.
Looks like we got dropped down to a $2000 max CTC.
Thanks for explaining.
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