I am really confused as to why my husband and I only received $221 for our tax return for the year 2022. We are married/jointly and our income is well below the $400,000 joint income cap. We have two qualifying dependents and also paid for daycare for the entire year. On our taxes is deducted from line 33 (payments) - $8,326 from line 24 (tax and credits) - $8,105 to come up with the $221 on line 34.
- What would be some legitimate reasons that we would not get this credit given to us?
All of our other friends received their child credits and made more together than us and I filed our taxes by myself this past year and I feel like maybe I messed something up. I am paying for a tax person this year and I will also have them look into our tax return from 2022 while we file for the year 2023.
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How old is your child? If he was older than 16 at the end of 2023, you no longer get the child tax credit. You lose the CTC when they turn 17. Instead you get the $500 credit for other dependents.
If he was younger than 17, then the refundable portion of the CTC, called the additional child tax credit, is calculated based on the amount of income you received from working.
The total per child is $2000. First the $2000 is used to reduce your tax owed down to zero. When (if) your tax owed is zero, the "rest" of the $2000 can be added to your refund as the Additional Child Tax Credit----up to a maximum of $1600 per child. But....that Additional Child Tax Credit also depends on how much you earned by working.
Take the amount you earned, subtract $2500, and multiply what is left by 15%. That is your additional child tax credit ---- up to a maximum of $1600 per child.
Look at your 2023 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
https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit
We have not filed our 2023 taxes yet - our girls are 3 and 2.
@kristyg615 The credit on your 2022 tax return is shown on Line 19. It reduced your tax liability by $4,000.
You did get the child tax credit. If you had not gotten the credit you would OWE almost $4000 right now.
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