Deductions & credits

@Prayingmother_40 The child tax credit for 2024 is based on having income from working.  You must have at least $2500 of income from working in order to get any of the refundable additional child tax credit.    An earned income of only $2500 will not get you the full amount of the credit, however.   The refundable amount of the credit is calculated like this:

 

Look at box 1 of your W-2---the amount you earned from 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 $1700 per child.

 

 

You only get the CTC for children who are younger than 17 at the end of the tax year.  They must have a valid Social Security number.

 

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.**