It
depends on your exact circumstances. The purpose of the child tax credit, is ONLY to offset your tax
liability. With the child tax credit, you can qualify for a credit of up to
$1000 for each child that qualifies you for the credit. However, you cant
get a credit that is larger than your tax liability. Additionally, if you have
other nonrefundable credits that you are claiming, then together they cant
total more than your tax liability. A nonrefundable credit is a credit that
offsets your tax liability. Please refer to the following FAQ for additional information. https://ttlc.intuit.com/replies/4488009
When you are unable to get the full
benefit of the child tax credit, you might qualify for the additional
child tax credit if you have earned income that is in excess of
$3000 and you meet all the requirements.
Please refer to the following FAQ to determine if you meet the
requirements for the additional child tax credit. https://ttlc.intuit.com/replies/4862549
If you do have a tax liability, then it
might be that your modified adjusted gross income is too high. Please refer to page 3 of Pub 972 under the
headings, "limits on the credit" and "modified AGI" for
additional information. https://www.irs.gov/pub/irs-pdf/p972.pdf
If you got a child tax credit,
you will see an amount listed on line 52 of your Form 1040 or line 35 of your
Form 1040A. If you did NOT get a child tax credit or did NOT get the full
amount of the credit, you might have gotten the additional child tax credit
which is the refundable portion of the child tax credit. If you got this
credit, you will see an amount on line 67 of Form 1040 or line 43 of Form
1040A.
To review
these entries on your Form 1040:
- Log in to
your Turbo Tax account
- click on
"take me to my return"
- Click on
"my account" tab at the very top of the screen
- Click on
"tools"
- Click on
"view tax summary"
- Click on
"preview my 1040". This is part of a narrow white bar at the
very top of the screen
- When your
1040 form appears, you will be able to scroll through and look at the
individual line items.
- Click the
"back" button when you want to return to your main Turbo Tax
screen. The back button is part of a narrow white bar at the very top of
the screen.
