It sounds like you are getting the $500 Other Dependent Credit for your child instead of the child tax credit. If you look in the Dependent section of your return, you may see a check mark in the box that says Credit for other dependents, if so, then that is what the $500 deduction you are seeing is for.
You can also look at your 1040 form to see if this appears on line 19 of your 1040 or if it does not, then you can see which line it is on and what it is for.
You can view your 1040 by clicking the following:
- Tax Tools
- Tools
- View Tax Summary
- Preview My 1040
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