topic Why am I only getting 348 back with 2 kids in Get your taxes done using TurboTax

Why am I only getting 348 back with 2 kids

selenablair55 — Fri, 31 Jan 2020 22:00:15 GMT

Re: Why am I only getting 348 back with 2 kids

xmasbaby0 — Fri, 31 Jan 2020 22:22:08 GMT

Are you sure you have entered ALL of the income you earned by working in 2019? Go back to Federal>Wages and Income and make sure all of your 2019 W-2's are entered and entered correctly. Your child-related credits are affected in a very big way by how much income you earned.

Look at your 2019 Form 1040 to see the child-related credits you received

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Child Tax Credit line 13a

Credit for Other Dependents line 13a

Earned Income Credit line 18a

Additional Child Tax Credit line 18b

Child and Dependent Care Credit line 18d

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

https://ttlc.intuit.com/questions/1900643-what-is-the-child-and-dependent-care-credit

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc

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

https://ttlc.intuit.com/questions/4499708-what-is-the-500-credit-for-other-dependents-family-tax-credit

Re: Why am I only getting 348 back with 2 kids

ReginaM — Fri, 31 Jan 2020 22:29:00 GMT

There could be a couple of reasons that you are only getting $348 this year.

Back in 2018, the IRS reduced the amount withheld from employee paychecks so people had more take home money. This was done because the IRS did away with the personal exemption and increased the standard deduction. The net affect of this has lowered the amount of refunds realized by the taxpayer.

You may want to verify that you entered everything into TurboTax correctly by following these steps:

Select Tax Tools on the left hand side of your screen,
Select Tools,
Select View Tax Summary,
Select Preview my 1040 on the left hand side of your screen.