Advanced Child Tax Credit
Advance CTC payments must be reconciled on the 2021 tax return. Excess advance payment amounts received will be required to be repaid in certain circumstances. To reconcile amounts received for the advance child tax credit, entries must be made on the 8812 screen in Drake Tax 2021.
Other videos in this category:
Use the PMT screen to set up automatic fund withdrawal by the IRS, state, and some city departments of revenue.
Generate the Foreign Tax Credit on Schedule B for foreign-source income that would normally be taxed by both the US and the country from which the income is derived.
Calculate the qualified business income (QBI) deduction for income deriving from 1065 and 1120S income reported on Schedule K-1. [CC]