The Child Tax Credit is the lesser of $2,000 (for one child) or the
amount of your taxes owed minus any other non-refundable credits (such as the
Child and Dependent Care Credit and certain Education Credits).
There are also income
limitations: $400,000 for Married Filing Jointly and $200,000 for all other
filing statuses, that will result in a reduction of the credit received.
Because the Child Tax Credit is
a non-refundable credit, any amount of that $2,000 that exceeds your tax
liability will not be refunded to you. You may qualify, however, for the Additional Child Tax
Credit, which is refundable.
If you'd like to see if you
have also received the Additional Child Tax Credit, you can Preview Your 1040
using the instructions below:
1.) On the left-hand side of
your screen, click Tax
Tools
2.) Click Tools
3.) On the window that pops up,
click View Tax
Summary
4.) On the left-hand side,
click Preview My
1040
The Additional Child Tax Credit appears on line 17b
Your Child Tax Credit amount will be on line 12a. If the amount on line 12 equals the amount on
line 11, this means that your taxes have been reduced to 0, and that is why you
did not receive the full amount of this credit.
