topic Hi , I see only $3000 as child tax credit for 3 dependents but I think it should be $6000 this year. Please clarify. in Get your taxes done using TurboTax

Hi , I see only $3000 as child tax credit for 3 dependents but I think it should be $6000 this year. Please clarify.

malik-pravesh — Tue, 04 Jun 2019 21:18:19 GMT

1) It phases in between something like $2500 of "earned"...

SteamTrain — Tue, 04 Jun 2019 21:18:20 GMT

1) It phases in between something like $2500 of "earned" income to about 11,800 of earned income.  So if your earned income is in this range the full credit isn't allowed.
2) if a child hits age 17 in 2018, then much of it is lost....only $500 is the credit then. (2x1400)= 500 = 3300
3)   the "refundable" part is only 1,400.  The 2000 gets applied to what taxes you owe first....if some remains, then you might get some back, but if your deductiosn result in zero tax assessed, the max you would get would be 1400x3=4200...plus perhaps your paycheck withholding, but it really depends on your total tax assessment
4)  Hard to know if it's all working right yet.  Print out your forms at the end of January and check again.

My joint filing income is $110000 and all kids under 8 ye...

malik-pravesh — Tue, 04 Jun 2019 21:18:21 GMT

My joint filing income is $110000 and all kids under 8 years so hoping for $6000 tax credit.will wait till month end.thanks.

@malik.pravesh You might be missing how & where it is ap...

SteamTrain — Tue, 04 Jun 2019 21:18:23 GMT

@malik.pravesh

You might be missing how & where it is applied on the new form 1040. Some of it can be on line 12a and the remainder on 17b.

There is some handwaving going on there on parts of how it is applied and that depends on each tax return's details. If you only see ~3000 on line 12a, look for more on line 17b (or the other way around). 12a + 17b might add up to 6000 in your case.

But the max for line 17b would be 4200 for 3 eligible dependents, even if including 12a doesn't add up to the full 6000.

Hi , my two kids have ITIN and one SSN and it is adding $...

malik-pravesh — Tue, 04 Jun 2019 21:18:27 GMT

Hi , my two kids have ITIN and one SSN and it is adding $2000 for SSN and $500 each for ITIN holders. And coming as $3000. Not sure if that is correct. Last year when I had two kids with ITIN I got $2000. Please clarify if it's correct.

Sadly that is correct ... the children with the ITINs are...

Critter — Tue, 04 Jun 2019 21:18:28 GMT

Sadly that is correct ... the children with the ITINs are not eligible for the CTC only the $500 other dependent credit.

Ahh, the details not mentioned appear. It matters.

SteamTrain — Tue, 04 Jun 2019 21:18:30 GMT

Ahh, the details not mentioned appear. It matters.

Why can't I claim any Child Tax Credit this year? If you...

Critter — Tue, 04 Jun 2019 21:18:30 GMT

Why can't I claim any Child Tax Credit this year?

If you got the Child Tax Credit last year, but not this year, it's probably because:

1. Your child (or children, in the case of twins or triplets) celebrated their 17th birthday in 2018, or

2. Your child has an ITIN instead of a Social Security number.

Starting in tax year 2018, children with ITINs don't qualify for the Child Tax Credit, but instead may qualify for the new $500 Credit for Other Dependents ("Family Tax Credit").

Other, less likely reasons you're no longer able to get the Child Tax Credit include:

· Your child lived with you less than half the year in 2018

· Your child paid more than half of their own expenses

· Your 2018 AGI is too high to qualify for the credit ($440,000 if filing jointly, $240,000 all others)

See the qualifications for the Child Tax Credit and the new Credit for Other Dependents.

Related Information:

· Why is my Child Tax Credit smaller this year?

· What is the $500 Credit for Other Dependents (“Family Tax Credit”)?

What’s new with the child tax credit after tax reform

Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to the credit.

Credit amount. The new law increases the child tax credit from $1,000 to $2,000. Eligibility for the credit has not changed. As in past years, the credit applies if all of these apply:

the child is younger than 17 at the end of the tax year, December 31, 2018
the taxpayer claims the child as a dependent
the child lives with the taxpayer for at least six months of the year

Credit refunds. The credit is refundable, now up to $1,400. If a taxpayer doesn’t owe any tax before claiming the credit, they will receive up to $1,400 as part of their refund.
Earned income threshold. The income threshold to claim the credit has been lowered to $2,500 per family. This means a family must earn a minimum of $2,500 to claim the credit.
Phase out. The income threshold at which the child tax credit begins to phase out is increased to $200,000, or $400,000 if married filing jointly. This means that more families with children younger than 17 qualify for the larger credit.

Dependents who can’t be claimed for the child tax credit may still qualify the taxpayer for the credit for other dependents. This is a non-refundable credit of up to $500 per qualifying person. These dependents may also be dependent children who are age 17 or older at the end of 2018. It also includes parents or other qualifying relatives supported by the taxpayer.

More information:

Publication 972, Child Tax Credit
Withholding Calculator Frequently Asked Questions
Tax Withholding
Tax Reform page on IRS.gov

The low end phase-in level (for the new 2018 tax returns):

To get the refundable Child tax credit ...you must have at least $2,500 of wage/earned income to get any portion of it.... and you are not eligible for the full $1,400 refundable portion of the new CTC unless you have at least $11,833 of wage/earned income.

https://turbotax.intuit.com/tax-tips/family/child-tax-credit/L9ZIjdlZz

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