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mamichulaxvida
New Member

I'm filling only w2g's this year,will I get child tax credit

 
8 Replies
NCperson
Level 15

I'm filling only w2g's this year,will I get child tax credit

just enter the W-2s and Turbo Tax will calculate- it is based on your income so can't answer your question specifically, 

xmasbaby0
Level 15

I'm filling only w2g's this year,will I get child tax credit

Make sure you enter W-2G's in the right spot.  You do not enter them as "regular" W-2's.

 

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

 

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

 

You will not receive earned income credit ---and not likely the child tax credit either--- for gambling income.  But if you have a child under the age of 17 as a qualifying dependent you should get stimulus money.

**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

I'm filling only w2g's this year,will I get child tax credit

Look at your 2020 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

Child and Dependent Care Credit line 31 (from line 13 of Schedule 3)

 

 

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-f...

https://ttlc.intuit.com/questions/1900643-what-is-the-child-and-dependent-care-credit

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-e...

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

**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.**
NCperson
Level 15

I'm filling only w2g's this year,will I get child tax credit

@xmasbaby0 - thx - I missed the 'g'  when responding! 

Hal_Al
Level 15

I'm filling only w2g's this year,will I get child tax credit

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.

 

So if you have enough W-2G income to have a tax liability, you will get enough of the CTC to wipe it out, but not the rest of the $2000 (unless your tax liability is $2000 or more)

 

For people who have more than $2500 of earned income, some o the unused CTC is usually given back to them thru the "Additional Child tax credit"*.  You won't get any ACTC since you have no earned income.

 

 

*That is, part of the CTC may be on line 18b of form 1040 (2019 version) instead of line 13a (lines 17 and 12 in 2018).   The  ACTC is calculated on form 8812 and  is basically 15% of your earned income over $2500. The ACTC is a maximum of $1400 per child (not $2000).

Critter-3
Level 15

I'm filling only w2g's this year,will I get child tax credit

Now ... funny as this may be ... if you had earned income in 2019 you may be able to use that to get an Earned Income Credit on the 2020 return without having any earned income ... please complete the EIC section to see if you possibly qualify ... see these screens when you get there :

 

eic 2019.jpgEIC 2019 3.jpgEIC 2019 2  .jpg

NCperson
Level 15

I'm filling only w2g's this year,will I get child tax credit

@Critter-3 - oh WOW, that is right because of the COVID stimulus bill signed two weeks ago, you are allowed to use 2019 income for EIC purposes if it gets you a larger refund!

Hal_Al
Level 15

I'm filling only w2g's this year,will I get child tax credit

It's not just EIC, it's also the Additional Child Tax Credit, which this poster is asking about.  So, if he had more than $2500 of Earned income in 2019, he can still get some ACTC.

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