WebJan 20, 2024 · Child tax credit (CTC), additional child tax credit (ACTC), credit for other dependents (ODC), American opportunity tax credit (AOTC), or Head of household (HOH) filing status See our Preparer Due Diligence Law page for more information. Preparing Incorrect Returns Affects You, Your Clients and Your Employer WebHere are the instructions from IRS for line 10,11,12 "As a paid tax return preparer, you must exercise due diligence to determine whether a taxpayer meets all of the eligibility requirements for the CTC/ACTC/ODC. Lines 10, 11, and 12 only ask three specific questions about eligibility for the CTC/ACTC/ODC. However, your client must meet all of ...
What They Need to Know about CTC, ACTC and ODC
WebMar 6, 2024 · Without further extensions the Child Tax Credit (CTC) has returned to normal levels and can only be claimed when filing your 2024 tax return in 2024, versus advance fully refundable payments provided during the pandemic years. The child tax credit (CTC) will reset from a maximum of $3,600 to $2,000 per child in 2024 and 2024. WebCTC/ACTC begins to decrease by value are your gross incomes exceed $200,000 ($400,000 in Married Filing Jointly). ACTC is not allowed if you or your spouse (if storage a hinged return) file a Form 2555 or Build 2555EZ (excluding foreigners earned income). Recognize who is a qualifying child for CTC/ACTC. The child must: Be from 17 at the ... phinieas gate inclredible accident
What is the Child Tax Credit & Additional Child Tax Credit?
WebJan 10, 2024 · The ACTC is a credit that may be available to a taxpayer who qualified for the Child Tax Credit (CTC) but cannot take the full amount of the CTC, or who has three or more qualifying dependents. The ACTC is a refundable credit, which means that it can produce a refund even if there is no tax liability on the return. WebThe TCJA added the new Other Dependent Credit (ODC) which is a $500 credit for each dependent who doesn’t qualify for the CTC. This means a taxpayer can claim the ODC for a dependent who meets all the rules to be a qualifying child for the CTC except for the SSN requirement. Children Who Live Outside the U.S. Can be Qualifying Children Web(CTC)/Additional Child Tax Credit (ACTC) or the new Credit for Other Dependents, known as ODC • Understand due diligence requirements related to CTC/ACTC/ODC and Head of Household filing status . Cont. After this seminar you will be able to: • Avoid common errors in complying with due diligence ts open tour