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Child tax credit

Turbo Tax has my child tax credit at $500 and not $1000. He is 17, we make combined income of about $110000 filing jointly and we owe over $2000. I can not find a limiting factor
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5 Replies

Child tax credit

Did he turn 17 this year in 2019?  Because he had to be under 17 on Dec 31, 2018 to get the Child Tax Credit.

 

The Child Tax Credit is non refundable so it can only reduce your tax to zero.  Then you will just get all your withholding back plus any refundable credits you qualify for like the EIC.

Child tax credit

Or if he turned 17 in 2018, 

Maybe you are seeing the $500 Other Dependent Credit

https://ttlc.intuit.com/community/children-dependents/help/what-is-the-500-credit-for-other-dependen...

 

Child tax credit

Yes he turned 17 in 2018 and I am seeing the $500 Other Dependent Credit.  So the child tax credit only goes till the child is 17?  

Child tax credit

Right.  He had to be UNDER 17 on Dec 31.  But the year she/he was born you got the Child Tax Credit for the whole year, not just after they were born.  So it evens out.

 

See

https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-child-tax-credit/00/25961

 

Child tax credit

The $2000 child tax credit is for 16 and younger.   17 and older is the $500.  

 

If the child was 17 on Dec 31, 2018, the $500 you're seeing is correct.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
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