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Get your taxes done using TurboTax
@Viking99 - can you please confirm the EXACT income you plugged in?
Here is now the Child Tax Credit works as it is complicated:
•Child Tax Credit – $2,000 per child, limited by tax liability
•Additional Child Tax Credit - lower of
- $1,500 per child
- 15% of earned income over $2,500
- $2,000 per child less Child Tax Credit
let's do the math:
Child Tax Credit - at $20,000 of income, filing joint, your tax liability is zero, so this tax credit is zero.
Additional Child Tax Credit
1) $3,000
2) ($20,000-$2500) = $17,500*.15 or = $2,625.
3) $4,000
so the lowest of the three is $2625 and since the child tax credit is zero, the credit assuming EXACTLY $20,000 of earned income is $2,625
December 11, 2022
4:23 PM