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Tim108
Returning Member

Child tax credit

My child tax credit is 50dollars lower than it should be 

3 Replies
Destiny_Y_JD
Employee Tax Expert

Child tax credit

If you make more than the maximum income to qualify for the full amount, your tax credit will be reduced by $50 for each $1,000 your income exceeds the maximum until the credit amount reaches $2,000.

The thresholds: 
To qualify for the full tax credit, filers must make less than $75,000 if filing alone, less than $150,000 if filing jointly as a married couple and less than $112,500 for "head of household" filers, such as unmarried single parents.

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Tim108
Returning Member

Child tax credit

I made at 25000 last year 

Destiny_Y_JD
Employee Tax Expert

Child tax credit

Did you happen to make more in 2019? I ask because if your 2020 income tax was not processed and they used the 2019 taxes then this could explain the difference. Later this summer, the IRS is opening their portal to where you can change your dependents, filing status and even income. https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
If you should receive these payments (eligible) but do not, then these amounts will be reconciled on the 2021 taxes (filed in 2022).

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