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After claiming my child ( one year old) as a dependent. It’s got the $2000 on my form but somehow it gets canceled out and I am not getting it on my refund. Explain?

 
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2 Replies

After claiming my child ( one year old) as a dependent. It’s got the $2000 on my form but somehow it gets canceled out and I am not getting it on my refund. Explain?

Is it on 1040 line 19?  Then it reduced the tax on line 24 (but to not below 0).  It is not refundable.  The rules changed from 2021 and went back to the prior rules.  

After claiming my child ( one year old) as a dependent. It’s got the $2000 on my form but somehow it gets canceled out and I am not getting it on my refund. Explain?

 

The rules for getting the child tax credit on a 2021 tax return and now on a 2022 return are very different.  For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no income/did not work.   That is NOT the way it will work for your 2022 tax return.  The “old” rules are back.   The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1500.   In order to get that credit, you have to have income from working.  The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1500 per child.  If your child is older than 16 at the end of 2022, you do not get the CTC.  But you may still get the non-refundable $500 credit for other dependents instead.

 

 

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

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

 

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

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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