Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 8, 2025 9:03:00 AM

Anyone know why my tax return was so low this year? I have a 6 year old and I'm the only parent, and the child tax credit was $2k, but my return this year is WAY lower!

0 2 8965
2 Replies
Level 15
Feb 8, 2025 9:03:49 AM

You have to compare this year with last year’s return LINE BY LINE and see what changed. Maybe you’ll spot something you left out or entered wrong. Common things are leaving the decimal point out or typing a comma for a decimal point, or typing an extra digit. Getting the wrong taxable amount on a 1099R entry or entering the 1099R wrong and getting hit with a penalty. Missing the qualified dividends in 1099-DIV box 2a. I could go on and on.


Why did your refund go down this year?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/L97JmhUbi_US_en_US?uid=ld9ijm41

 

Level 15
Feb 8, 2025 9:19:35 AM

And.....if your income was lower for 2024, that could affect your additional child tax credit or earned income credit.    Those credits are based on how much you earned from working.   

 

  The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1700.   In order to get that credit, you have to have income from working.  

 

Take the amount you earned from working.   Subtract $2500.   Multiply the rest by 15%.  That is the additional child tax credit per child that you can get—- up to the maximum of $1700 per child.   If the amount you earned from working was low, you will not get the full $1700 per child.

 

 

 

And for the Earned Income Credit—-

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualifications-earned-income-credit-eic-eitc/L7w4BFP32_US_en_US?uid=m62rmz09

 

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

 

https://www.irs.gov/pub/irs-pdf/p596.pdf

 

Look at your 2024 Form 1040 to see the child-related credits you received

 

PREVIEW 1040

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr

 

Child Tax Credit line 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28