topic Child tax credit in Deductions & credits

Child tax credit

Sexysadieprettylady — Mon, 14 Oct 2019 22:43:49 GMT

How can I see if I was awarded the child tax credit? 2018

Re: Child tax credit

VolvoGirl — Mon, 14 Oct 2019 22:48:26 GMT

The Child Tax Credit is on

1040 line 12a

You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

Re: Child tax credit

xmasbaby0 — Tue, 15 Oct 2019 00:13:26 GMT

There has been lots of hype in the news about the new $2000 Child Tax Credit. Unfortunately, some people do not yet understand that it does not mean they will automatically receive $2000 per child just for filing a tax return.

Do not assume your refund will include $2000 per child for child tax credits. It does not work that way. The CTC is used first to reduce your tax liability to zero. After that, there is a refundable portion —up to $1400 — called the Additional Child Tax Credit that is calculated based on the amount of income you earned. You do not necessarily get the maximum amount. You get 15% of the amount of income earned above $2500--UP to the maximum amount possible.

If your child turned 17 in 2018, even on the last day of 2018, you do not get the child tax credit. There are no exceptions to the rule. You can still claim your child as a dependent.

Your child must have a Social Security number to get the CTC.

If your child was born in 2018 you need to say the child lived with you for the WHOLE year.

If your child lived with you for less than half the year you cannot get CTC.

If you did not earn at least $2500 you cannot receive the child tax credit. Beyond that amount the CTC you receive is affected by your tax liability and the amount you earned. You might not get the full $2000 of CTC.

The child tax credit is reduced by $50 for every $1000 of AGI over these limits:

Married filing jointly $400,000 (CTC disappears at $440,000)

Single, Head of Household, Married Filing Separately or qualifying widower $200,000 (CTC disappears at $240,000)

Look at your 2018 tax return to see the credits you received:

Child tax credit line 12a

Additional Child Tax Credit line 17b (schedule 8812)

Credit for Other Dependents line 12a

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

Re: Child tax credit

andrelps78 — Mon, 04 Nov 2019 20:03:03 GMT

Hey.

I have a $1000 credit for children that adds up to my total payments and credits (I can see that being considered in the detailed Tax breakdown) but when going back to the main review summary, it shows up again on the upper part (Federal Tax Summary) but it's not being counted for the amounts already paid in the lower part (How We Calculate Your Federal Refund).

Have you seen this already?

Thanks.

Re: Child tax credit

xmasbaby0 — Tue, 05 Nov 2019 00:37:26 GMT

TurboTax's "summaries" are often just confusing to people. Just look at your actual tax return--Form 1040. Your tax refund is on line 20a, and if you got any refundable child-related credits, those amounts are included in the amount you see on line 20a of your Form 1040.

Re: Child tax credit

andrelps78 — Tue, 05 Nov 2019 14:16:52 GMT

Hi. Thanks for your clarification.