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Add documentation for CTC facts

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Also add <TaxYear> tag to facts that will need to be inspected for changes (even if that is obviated by new legislation)
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Skippy Williams 2025-06-22 23:26:24 -07:00
parent fc2b58918e
commit b9faed845c
2 changed files with 20 additions and 11 deletions
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25
direct-file/backend/src/main/resources/tax/ctcOdc.xml
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@ -191,7 +191,9 @@
<Fact path="/maxCtcAmount"> <Fact path="/maxCtcAmount">
<Name>Maximum child tax credit amount</Name> <Name>Maximum child tax credit amount</Name>
<Description>The maximum child tax credit per child</Description> <Description>The maximum child tax credit per child. Established in 26 U.S. Code § 24.
Under current legislation, this reduces to $1,000 for TY 2026. Can be found in instructions
for Schedule 8812.</Description>
<TaxYear>2024</TaxYear> <TaxYear>2024</TaxYear>
<Derived> <Derived>
@ -248,8 +250,9 @@
<Fact path="/totalPotentialOdc"> <Fact path="/totalPotentialOdc">
<Name>Total potential ODC</Name> <Name>Total potential ODC</Name>
<Description>The maximum amount of the Credit for Other Dependents that could be claimed. <Description>The maximum amount of the Credit for Other Dependents that could be claimed.
Reported on line 7 of Established in 26 U.S. Code § 24. Under current legislation, ODC expires as a credit in TY 2026.
Schedule 8812.</Description> Reported on line 7 of Schedule 8812.</Description>
<TaxYear>2024</TaxYear>
<Export mef="true" /> <Export mef="true" />
<Derived> <Derived>
@ -313,9 +316,10 @@
<Fact path="/dependentCreditPhaseoutThreshold"> <Fact path="/dependentCreditPhaseoutThreshold">
<Name>Dependent credit phaseout threshold</Name> <Name>Dependent credit phaseout threshold</Name>
<Description>The MAGI threshold at which the dependent credits begin to phaseout. Reported on <Description>The MAGI threshold at which the dependent credits begin to phaseout.
line 9 of Schedule Set in 26 U.S. Code § 24. Under current legislation, amounts shown here persist through TY2025
8812.</Description> and then revert to $110,000 MFJ / $75,000 not married / $55,000 MFS for TY 2026.
Reported on line 9 of Schedule 8812.</Description>
<Export mef="true" /> <Export mef="true" />
<TaxYear>2024</TaxYear> <TaxYear>2024</TaxYear>
@ -806,8 +810,9 @@
<Fact path="/maxActcAmount"> <Fact path="/maxActcAmount">
<Name>Maximum additional child tax credit amount</Name> <Name>Maximum additional child tax credit amount</Name>
<Description>The maximum additional tax credit per child <Description>The maximum additional tax credit per child. Established in 26 U.S. Code § 24.
Rev Proc .05 Child Tax Credit §24(d)(1)(A) This is adjusted for inflation annually, with special rules applied through TY 2025.
See inflation adjustment Rev Proc section .05 Child Tax Credit §24(d)(1)(A) for annual amounts.
</Description> </Description>
<TaxYear>2024</TaxYear> <TaxYear>2024</TaxYear>
@ -857,8 +862,8 @@
<Fact path="/actcRefundabilityThreshold"> <Fact path="/actcRefundabilityThreshold">
<Name>Additional CTC refundability threshold</Name> <Name>Additional CTC refundability threshold</Name>
<Description>The amount of earned income that must be exceeded in order to receive the <Description>The amount of earned income that must be exceeded in order to receive the
refundable additional child refundable additional child tax credit. Set in 26 U.S. Code § 24. Under current legislation,
tax credit.</Description> reverts to $3,000 in TY 2026.</Description>
<TaxYear>2024</TaxYear> <TaxYear>2024</TaxYear>
<Derived> <Derived>

6
direct-file/backend/src/main/resources/tax/familyAndHousehold.xml
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@ -3856,7 +3856,11 @@
<Fact path="/familyAndHousehold/*/eligibleCtc"> <Fact path="/familyAndHousehold/*/eligibleCtc">
<Name>Eligible for the Child Tax Credit</Name> <Name>Eligible for the Child Tax Credit</Name>
<Description>The dependent is eligible for the Child Tax Credit (CTC).</Description> <Description>The dependent is eligible for the Child Tax Credit (CTC). Eligibility rules are
established in 26 U.S. Code § 24. Under current legislation, the requirement to have a SSN
and include it on the return expires after TY 2025.
See instructions for Schedule 8812 for current tax year guidance.</Description>
<TaxYear>2024</TaxYear>
<Export downstreamFacts="true" /> <Export downstreamFacts="true" />
<Derived> <Derived>