Child Tax ctredit

Fetter48 · ‎April 9, 2020

Added a dependent for 2019 tax year. Entered her into the software and instead of giving me $2000 for each of two dependents under 17 years of age, Turbotax calculated the credit to be $2500 instead of $4000. how can I fix tthis in the software?

MarilynG1 · ‎April 9, 2020

This is not an error in TurboTax. You don't receive $2,000 for each Dependent that you claim on your tax return.

The Child Tax Credit is first applied to any tax that you owe, then if there is a balance left, that is what is refunded to you, up to $1,400 as Additional Child Tax Credit.

Click this link for more info on the Additional Child Tax Credit.

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AmeliesUncle · ‎April 9, 2020

If it is exactly $2500, it sounds like the program thinks one of your kids is age 17. Did one of your kids turn age 17 in 2019? If so, that child only gets a $500 credit. If neither child turned age 17, check that you entered their birthdates correctly in the program.