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jg18
New Member

Is the Child Tax Credit that has been changed to be refundable this year up to 1400 capped at 15% of income after $4500.00. per family or per child?

If someone files Jointly with 4 kids with income of $13,833 will they get 1400 in refund for each child or only once since it has reached the 15% cap? is the 15% calculated for each child or per filler?
4 Replies
TaxGuyBill
Level 9

Is the Child Tax Credit that has been changed to be refundable this year up to 1400 capped at 15% of income after $4500.00. per family or per child?

It is per tax return (family).

So after you subtract the $2500 (not $4500) from the $13,833 of Earned Income, that leaves $11,333.  Multiplied by 15%, equals a maximum refundable Child Tax Credit of $1700.

jg18
New Member

Is the Child Tax Credit that has been changed to be refundable this year up to 1400 capped at 15% of income after $4500.00. per family or per child?

I tried using the Turbo Tax Free refund estimator <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster">https://turbotax.intuit.com/tax-tools/c...> it adds about 1400 for each child you add even after reaching the cap.
TaxGuyBill
Level 9

Is the Child Tax Credit that has been changed to be refundable this year up to 1400 capped at 15% of income after $4500.00. per family or per child?

Those calculators just offer rough estimates.  It is your actual tax return that determines the credit.  If it is giving you the full $1400 per child, it is wrong (or you possibly may have accidentally entered something incorrectly).
Texas Roger
Level 15

Is the Child Tax Credit that has been changed to be refundable this year up to 1400 capped at 15% of income after $4500.00. per family or per child?

The answer given by TaxGuyBill is correct. For some reason the taxcaster program is calculating it incorrectly. When you enter the information on your tax return in TurboTax, it will be calculated correctly.
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