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Get your taxes done using TurboTax
I think you're talking about the Child Tax Credit. Here's some information on it.
The rules for the child tax credit have changed. The maximum amount of the child tax credit is now $2000; the refundable “additional child tax credit” amount is $1500.
In order to get the credit, you must have income from working. The credit is calculated based on the amount you earned above $2500 multiplied by 15%.
The guidelines are:
- Be under age 17 at the end of the year.
- Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew)
- Provide no more than half of their own financial support during the year.
- Have lived with you for more than half the year.
- Be properly claimed as your dependent on your tax return.
You will get a non-refundable credit up to $2000 per child. That means the credit cannot be more than your actual tax bill. However, if your child tax credit was limited by your tax bill you may be able to get the remainder up to $1500 as a refundable Additional Child Tax Credit.
You can see what is posted by going to:
- On the menu bar on the left that shows.
- My Info
- Federal
- State
- Review
- File
- Select Tax Tools
- On the drop-down select Tools
- On the popup menu
- Select View Tax Summary
- On the left sidebar
- Select Preview my 1040.
Child Tax Credit line 19
Credit for Other Dependents line 19
Earned Income Credit line 27.
Additional Child Tax Credit line 28
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