Advance child tax excess

[ILLMAS]

Can someone double check this scenario:

HOH

W-2 wages 13,000

K-1 loss 6,000

AGI 7,000

Fed/W 1,140

Child 1 age 8

Child 2 age 4

3,300 of child tax credit received 

Excess child tax credit of approx. 1,600, does this seem right?

EIC is fine

Thanks

[WITAXLADY]

actually - using basis to allow the -6,000 - regardless if it was 1120S or 1065 -

I show they have a tax of $3,300

I am not saying the software did it correctly - but I checked box 13a on the 8812 and the tax is then calculated over on pg 3 of the 8812

Sure does not seem correct - did have income!

when I took the basis down to $100 - I got the same answer - $3,300 tax - so now I wonder what I am missing!!

 

MISSING the H/H Birthdate!!!  Gets the $3,300 additional credit!!

[Pacun]

If you received $3,300 that's the amount you should receive on 1040 on top of withholding and EIC. That's true when the client didn't refused any advanced payments and when the number of children are the same.

Knowing that will help you know if the program is calculating correctly. 

This is what I would do in this return if I have doubts. I would save the return, delete the K1 with the loss, and then check if $3,300 shows as child tax credit on line 28 1040.  If it looks correct, I would close the return without saving, reopen it and see where the issue is. 

[ILLMAS]

6 hours ago, Pacun said:

If you received $3,300 that's the amount you should receive on 1040 on top of withholding and EIC. That's true when the client didn't refused any advanced payments and when the number of children are the same.

Knowing that will help you know if the program is calculating correctly. 

This is what I would do in this return if I have doubts. I would save the return, delete the K1 with the loss, and then check if $3,300 shows as child tax credit on line 28 1040.  If it looks correct, I would close the return without saving, reopen it and see where the issue is. 

Yes that pretty much worked, TP would get $3,300 back additionally, TP AGI went down $21K compared to 2020.