Can someone please help me??

Forum|Forum|3 years ago
January 13, 2023
13 replies
87 views

Hi. I have five children. I made 10,000 with my job in 2022. Last year I received 6,600 for my four kids in credit. This year it’s saying a little over 1,100. I’ve chatted with three tax experts, none of which knew why both turbo tax as well as H&R block platforms aren’t giving me full, if any, credit at all for them.
One of them suggested because the CTC form is “not yet available.” But… what does that have to do with the calculations on either website? Is there something I don’t know about this year or something? It’s almost as if they’re not giving me any credit for any of them…?

xmasbaby0

Level 15

The rules for getting the child tax credit on a 2021 tax return and now on a 2022 return are very different. For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no income/did not work. That is NOT the way it will work for your 2022 tax return. The “old” rules are back. The maximum amount of the child tax credit is now $2000; the refundable “additional child tax credit” amount is $1500. In order to get that credit, you have to have income from working. The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1500. If your child is older than 16 at the end of 2022, you do not get the CTC. But you may still get the non-refundable $500 credit for other dependents instead.

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

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

xmasbaby0

Level 15

And for the Earned Income Credit—-the rules are back to the “old” rules—

Those under 25 and over 65 without children are not eligible as they were uniquely in 2021. And you cannot use your income from any earlier tax year to get the EIC for a 2022 return. There is no “lookback” for 2022. EIC for 2022 will be based on the income you earned by working in 2022.

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

AND….If you have children but had no income, it raises the question of how you and the children were supported. There may be another tax-paying adult who can claim you and/or the children as dependents.

Enter your dependents in My Info with their Social Security numbers, and let the software calculate your child tax credit and/or earned income credit. The software will use the 2022 rules.

Look at your 2022 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 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28

xmasbaby0

Level 15

And...you say you have five children but received the credit for four of them last year. Do you have a child who was just born in 2022?

Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number. Careful— do not say that your child’s SSN is not valid for employment. If your child was born in 2022 make sure you said he lived with you the whole year. There is an oddly worded question that asks if the child paid over half their own support. Say NO to that question.

Hal_Al

Level 15

Your child tax credit is $0, because you have no tax liability (with $10K of income).

Your Additional Child Tax Credit (refundable ) is ($10,000 - 2500) x 15% = $1125. This is calculated on form 8812. The 5 x 2000 = 10,000, you see on Schedule 8812 is just the starting point of the calculation.

The Earned Income Credit is only up to 3 children. For $10K it will be around $4500

fanfare

Level 15

use "preview my 1040" to see your Form 1040 before you file.

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Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.