The Child Tax Credit and Additional Child Tax Credit rules have reverted back to what they were. The rules for 2021, where everyone got $2,000 for their child if their income was under a certain level, no longer applies.
This means, that for this year, the nonrefundable Child Tax Credit will lower your tax liability down to $0. So if your tax liability on line 18 is $1,300, you would only be eligible for $1,300 of the Child Tax Credit.
After that, if you did not use it all up, you may still be able to get the Additional Child Tax Credit. This will not be more than 15% of your Earned income minus $2,500. So, if your Earned Income is $10,000, your Additional Child Tax Credit would not be more than $1,125.
You can look at line 28 of your 1040 to see if you received the Additional Child Tax Credit.
To see your 1040 select the following:
- Tools
- Tax Tools
- View Tax Summary
- Preview My 1040
Of if using the desktop version switch to forms mode.
You should also check your dependents to be sure they all qualify for the Child Tax Credit. You can see this by looking at the Dependents section of your 1040 and seeing if there is a check mark by their name under the Child Tax Credit column.
Other reasons could be your child is now 17The IRS rules state that the child must be under the age of 17 in order to be a qualifying child for the Child Tax Credit. When they turn 17, they are only eligible for the $500 Other Dependent Credit.
Be sure to double check all of your entries in the personal info section to be sure you answered the questions about your dependents properly.
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