Child Tax Credit

Forum|Forum|4 years ago
March 10, 2022
2 replies
8 views

I received about the same amount every year on my taxes and fall in the same tax bracket as well. Last year I only got 2 months of the child tax credit. I'm suppose to receive $2800 additional for child tax credit but my refund shows the same amount of refund I typically get and I'm still in the SAME tax bracket. Any one else? I assumed my taxes would be a difference but I'm getting g the same exact thing? When I was filling it stated the exact amount i received BEFORE asking about child tax credit. Then it told me I qualify for it but didn't see an increase at all. Any help would be appreciated.

TurboTax PLUS Online

MayaD

Alumni - Intuit

Starting in 2021 the plan increases the Child Tax Credit from $2,000 to:

Up to $3,600 for each qualifying child under 6
Up to $3,000 for each qualifying child age 6 to 17

You don't necessarily get a refund when you claim the additional child tax credit. It's a credit that is applied against your tax due for the year. Look at your Form 1040, the credit will end up on line 28.

From the left menu select Tax Tools then Tools.
Next, select View Tax Summary in the pop-up,
then Preview my 1040 in the left menu.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

VolvoGirl

Level 15

And Turbo Tax gave you the Child Tax Credit as soon as you entered your child. Not later when it asks about the Child Tax Credit. So it was already included before you noticed.

I found this in a news article, it explains it pretty well........

While the CTC expansion was structured to not increase taxes on any household, a dollar of credit received in advance results in a dollar less received at filing time. For families unaware of the trade-off, it could mean a surprise when they see their refund total this year.

Consider a married couple with a 10-year-old child who normally received their $2,000 CTC when they filed their taxes. They would have received $1,500 of their $3,000 in advance. As such, they could potentially see their refund shrink by $500 even though their total benefit increased to $3,000 because they are left with $1,500 instead of their normal $2,000 at tax time.