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Child Tax Credit

How to model dependents to correctly calculate applicable Child Tax Credits.

Modeling Dependents

To model dependents, expand the Filing Status / Age / Dependents tab.

Total Dependents represents the number of dependents claimed on the tax return.

Total Dependents for Child Tax Credit represents the number of claimed dependents eligible for the $2,200 child tax credit. These are qualifying children under the age of 17.

Total Dependents for Other Credit represents the number of claimed dependents eligible for the $500 other dependent credit. These are qualifying relatives age 17 or older who meet eligibility requirements. 

Note: The Total Dependents value must equal the total of Dependents for Child Tax Credit + Dependents for Other Credit

 

Calculating the Credit

Once dependents are modeled, the software will automatically calculate eligible child tax credits and other dependent credits under the Nonrefundable Tax Credits and Refundable Tax Credits tabs.

The calculated credit is based on the number of dependents modeled and the client's MAGI. This credit begins phasing out at $400,000 for those filing jointly and $200,000 for others. To follow along with the software's calculations using Schedule 8812, click on the calculator icon located to the left of the calculated credit.