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New Member
posted Jul 1, 2024 10:56:02 AM

I filed before the new EITC for 2023 was approved and I only received $709, is that right or should I have received more ?

I made $42,00 with 1 underage child. I was told I should have gotten more but I'm not sure

1 2 4527
2 Replies
Level 15
Jul 1, 2024 11:15:19 AM

Not sure what you are referring to.  There is not a "new" earned income tax credit, nor is there a "new" child tax credit for 2023.  There is a proposed change to the child tax credit which is sitting in the Senate and it has not been voted into law or signed.  

 

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/additional-child-tax-credit/L6xFeMFEf_US_en_US?uid=lqnuygah

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents

 

 

And for the Earned Income Credit—-the rules are back to the “old” rules—

Those under 25 and over 65 without children are not eligible as they were uniquely in 2021.   And you cannot use your income from any earlier tax year to get the EIC for a 2022 return.  There is no “lookback” for 2023.  EIC for 2023 will be based on the income you earned by working in 2023.

 

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

 

 

 

 

Look at your 2023 Form 1040 to see the child-related credits you received

 

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

 

Child Tax Credit line 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28

 

 

 

 

 

ENHANCED CHILD TAX CREDIT BILL

 

As of now, the child tax credit for 2023 is still $2000, with a refundable “additional child tax credit “ amount of up to $1600.

 

No one here knows if or when the proposed enhanced child tax credit bill will pass.  It has gone through the House  of Representatives and is now in the Senate—where 100 senators will decide whether to pass it.  It has not been passed or signed into law.    IF and when it passes, we do not know when they will make it effective or how it will be implemented.  They are still wrangling with it so we do not know what it will look like when they are done.

 

Level 15
Jul 1, 2024 11:21:07 AM