You'll need to sign in or create an account to connect with an expert.
You can't get the credit if you didn't work. In 2023, the tax credit will be refundable only up to $1,600, depending on your income. You must have earned income of at least $2,500 to be eligible for the refund.
The child tax credit (CTC) is limited to your tax liability. The CTC is a non-refundable credit and can only reduce your income tax to 0, It can not help you beyond eliminating your tax liability.
But, if you have more than $2500 of earned income, some or all of it is usually given back to you thru the "Additional Child tax credit". That is, part of the CTC may be on line 28 of form 1040 (2021- 2023) instead of line 19. The ACTC is calculated on form 8812 and is basically 15% of your earned income over $2500. The ACTC is a maximum of $1600 (2023) ($1500 for 2022) per child, not $2000.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
BPVP
New Member
riverofwind
New Member
friendshipcafe
New Member
nakhiacurry21
New Member
jimo6410
New Member