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Get your taxes done using TurboTax
Just let Turbo Tax figure it out. The rules changed again back to before the pandemic.
The Child Tax Credit in 2022 is not a refundable credit, so you can only use it to the extent you owed tax. The Additional Child Tax Credit is a refundable credit (one you can get even if you don't owe taxes) but the amount of the credit that is potentially refundable is calculated by taking 15% of your earned income above $2,500. You get to claim the lesser of this calculated amount or your unused Child Tax Credit amount, up to $1,400 per qualifying child. Here is an article that will explain in more detail.
‎February 13, 2023
1:57 PM