Deductions & credits

Sorry---your amount is so low because it is based on earning only a very low amount of income from working.

 

Using the amount you say you earned---$6043

 

 

Look at the EIC table in IRS Publication 596 on page 29 -- do you see the amount of EIC for HOH with 2 children?

  https://www.irs.gov/pub/irs-pdf/p596.pdf

 

What is on line 27 of your Form 1040?

 

And.....take your income of $6043 -$2500, which equals  $3453 and multiply by 15%   --- That should give you the amount of additional child tax credit for each child under 17.  About $532 per child----So what is on line 28 of your Form 1040?

 

 

 

  The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1700.   In order to get that credit, you have to have income from working.  The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1700 per child. If the amount you earned was too low, you will not get the full $1700.

 

 If your child is older than 16 at the end of 2024, you do not get the CTC.  But you may still get the non-refundable $500 credit for other dependents instead.

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/child-tax-credit/L2lNhfGDl_US_e...

 

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...

 

 

And for the Earned Income Credit—-

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualifications-ea...

 

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

 

 

 

 

Look at your 2024 Form 1040 to see the child-related credits you received

 

PREVIEW 1040

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-retur...

Child Tax Credit line 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28

 

 

AND….If you have children but had  little or no income, it raises the question of how you and the children were supported.  There may be another tax-paying adult who can claim you and/or the children as dependents.  

 

 

**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.**