With the Child Tax Credit, you can get up to $2,000 for each qualifying child. To qualify, your child must meet all of these requirements:
- Be under age 17 at the end of the tax year
- Is your child, stepchild, foster child, adopted child, sibling, step sibling, half sibling, or a descendant of any of them (for example, a grandchild, niece, or nephew)
- Has their own Social Security number
- Lived with you for more than half the year
- Didn't support themselves (didn't pay more than half their own expenses)
- Is a U.S. citizen, U.S. national, or U.S. resident alien
- Residents of Canada or Mexico don't qualify
In 2023, the tax credit will be refundable only up to $1,600, depending on your income. You must have earned income of at least $2,500 to be eligible for the refund. Also, the credit begins to reduce if your modified adjusted gross income is less than:
- $400,000 if you're Married Filing Jointly or a Qualifying Surviving Spouse, or
- $200,000 for all other filing statuses
Form 1099-NEC reports Nonemployee Compensation. If you worked as a freelancer or contractor last year, you probably got a 1099-NEC reporting how much money you were paid in box 1. For more information about the form and how to enter it into TurboTax see the following article:
