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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 $3000 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 43 of form 1040A
instead of line 35 (lines 67 & 52 of form 1040). In the on-line version of TT, the main Form 1040, 1040A or 1040EZ can be seen
through Tools, View Tax Summary, Preview My 1040 or go to Print Center and then choose to Preview.
The ACTC is
calculated on form 8812; that form is not viewable in the online version of TT
until you have paid for your return. But, the ACTC is basically 15% of your earned
income over $3000.
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 $3000 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 43 of form 1040A
instead of line 35 (lines 67 & 52 of form 1040). In the on-line version of TT, the main Form 1040, 1040A or 1040EZ can be seen
through Tools, View Tax Summary, Preview My 1040 or go to Print Center and then choose to Preview.
The ACTC is
calculated on form 8812; that form is not viewable in the online version of TT
until you have paid for your return. But, the ACTC is basically 15% of your earned
income over $3000.
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