I had a child last year (2022). My wife and I made 120k together and filed jointly. Why is my child tax credit only $500 instead of $2000?

[DawnC]

My guess is that you did not say the child lived with you all year.   Go back and edit your dependent questions.   Say the child lived with you 12 months - all year and your deduction will change.  A child born during the year is considered to have lived with year the entire year.   And congratulations!  

[xmasbaby0]

Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number.    Careful— do not say that your child’s SSN is not valid for employment.  If your child was born in 2022 make sure you said he lived with you the whole year.  There is an oddly worded question that asks if the child paid over half their own support.  Say NO to that question.

Look at your 2022 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

[tsimonian07]

Update: 

this was completely my fault. I input her birth year as 1990…

thank you for your suggestions and well wishes!