JohnB5677
Expert Alumni

Deductions & credits

I suggest you see what is posted to your tax return.

 

From the left sidebar

  1. Select Tax tools
  2. Hint: You may have to minimize the Federal and State selections
  3. Click Tools
  4. A Menu will pop up
  5. Select View tax summary
  6. On the left panel click Preview my 1040

Some Key numbers:  See lines 19 & 28

  • 11 Adjusted Gross Income
  • 12 Deductions
  • 15 Taxable income
  • 16 Tax
  • 19 Child Tax Credit
  • 28 Additional Child Tax Credit
  • 33 Withholdings
  • 34 Refund
  • 34 Underpayment

The Child Tax Credit is based on the amount of tax that you owe. If the credit exceeds your tax liability, you may be getting the Additional Child tax credit.

The maximum tax credit per qualifying child is $2,000.  This will offset any taxes you may owe.

If you don’t owe any taxes, you still may qualify for the additional child tax credit.  This can be up to $1,700 per qualifying child.

 

@rachaellutz96 

@Missmegan0330 

@Graymama 

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