If you have a dependent child under the age of 17 and you have entered your W-2 or self-employment income of more than $2500, the additional child tax credit is added automatically to line 28 of your Form 1040. The amount of the additional child tax credit is based on how much you earned from working, up to a maximum amount of $1600 per child for 2023.
Look at your 2023 Form 1040 to see the child-related credits you received
PREVIEW 1040
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Child Tax Credit line 19
Credit for Other Dependents line 19
Earned Income Credit line 27
Additional Child Tax Credit line 28
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:
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