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I am a full time college student with a low income - I also have three children, but I didnt receive a child tax credit - why is that? I have received it each year prior.

1 reply
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Nothing has changed in my student status or tax preparation except that I made less money this year than the years prior. Why would I not receive the child tax credit this time? Is there a minimum income for the child tax credit to be applied?

TurboTax Deluxe Online

Answer

The child tax credit can only be used to reduce your taxable income to zero. If you made less money, your taxable income may already have been reduced to zero by your standard deduction and the personal exemptions for yourself and your children. In that case, you could not use the credit. In other words, once you're already getting back the amount of tax you had withheld, you don't get any more back from this credit.

A

Anonymous

Answer

The child tax credit can only be used to reduce your taxable income to zero. If you made less money, your taxable income may already have been reduced to zero by your standard deduction and the personal exemptions for yourself and your children. In that case, you could not use the credit. In other words, once you're already getting back the amount of tax you had withheld, you don't get any more back from this credit.