Deductions & credits

How old is your child?  If he was older than 16 at the end of 2023, you no longer get the child tax credit.  You lose the CTC when they turn 17.   Instead you get the $500 credit for other dependents.

 

If he was younger than 17, then the refundable portion of the CTC, called the additional child tax credit, is calculated based on the amount of income you received from working.   

 

The total per child is $2000.   First the $2000 is used to reduce your tax owed down to zero.  When (if) your tax owed is zero, the "rest" of the $2000 can be added to your refund as the Additional Child Tax Credit----up to a maximum of $1600 per child.  But....that Additional Child Tax Credit also depends on how much you earned by working.  

 

Take the amount you earned, subtract $2500, and multiply what is left by 15%.  That is your additional child tax credit ---- up to a maximum of $1600 per child.

 

 

Look at your 2023 Form 1040 to see the child-related credits you received

 

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

 

Child Tax Credit line 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28

 

 

 

 

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/additional-child-tax-credit/L6x...

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**