Why Didnt I get the full $2000 Child Tax Credit on 2023 taxes?

[JJB1468]

I just finished my taxes on turbotax. In looking at the 1040, Line 14 says I get $500 credit. But I have 1 child under age 17 and my income is way below the threshold. Shouldnt I get $2000?

[xmasbaby0]

Does your child have a Social Security number?    If the child has an ITIN instead of a SSN, you cannot get the child tax credit, but you can get the $500 credit for other dependents.   That credit is on line 19.

Or.....was the income you earned from working too low to get the full amount of the refundable credit?   

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...

[SharonD007]

Was your child under 17 at the end of 2023?  You may be getting the Credit for Other Dependents instead of the Child Tax Credit.  

The credit is calculated based on the amount you earned above $2,500. Your modified adjust gross income has to be under $400,000 for Married Filing Jointly or Qualified Widower and $200,000 for all other filing statuses.  If you have children that are older than 16 at the end of 2023, they don't qualify you to get the CTC, but you may still be eligible to get the   $500 non-refundable credit for Other Dependents instead.

In addition to the requirements listed above, you child must meet the following eligibility requirements to qualify for the Child Tax Credit.

• Be under 17 by 12/31/2023
• Be related to you (child, stepchild, foster or adopted child, sibling, or descendant of any of them)
• Have a Social Security Number
• Lived with you for more than half of the year
• Didn't provide for more than half of their expenses
• Be a U.S. citizen, U.S. national, or U.S. resident alien.

For more information, refer to the TurboTax Help articles: 2023 and 2024 Child Tax Credit: Top 7 Requirements, What is the Child Tax Credit?, and What is the Additional Child Tax Credit?

@JJB1468