It depends. If you qualify, then is there a reason you do not want to? If you enter dependents on your return that are eligible, TurboTax will generally give you the credit.
The Child Tax Credit and Additional Child Tax Credit rules have reverted back to what they were.
This means, the nonrefundable Child Tax Credit will lower your tax liability down to $0. So if your tax liability on line 18 is $1,300, you would only be eligible for $1,300 of the Child Tax Credit.
After that, if you did not use it all up, you may still be able to get the Additional Child Tax Credit. This will not be more than 15% of your Earned income minus $2,500. So, if your Earned Income is $10,000, your Additional Child Tax Credit would not be more than $1,125.
You can look at line 28 of your 1040 to see if you received the Additional Child Tax Credit
To claim someone as a qualifying child:
- Your child (including adopted and foster children), your sibling, or a descendent of any of them.
- Age 18 or younger at the end of the tax year OR under 24 (and younger than you and your spouse) if they are a full-time student
- Lived with you for more than 6 months during the tax year
- They did not provide more than half of their own support
- They did not file a joint return, unless it was to claim a refund
A qualifying Child may allow you to claim Child Tax Credit and Additional Child Tax. If they are 17 or older, then you would not get the Child Tax Credit, but instead you would get the $500 Non-Refundable Other Dependent Credit
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