Why did I get a small amount for Child Tax Credit this year? Also I’m head of household income is between $45,000-$60,000 is it best to claim 0 or 1 dependent in order to a bigger payout when filling taxes.
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The child tax credit is $2000 for every child that qualifies. So it should be the same for everyone.
What you may mean is why did I receive less than that as a refundable amount? The refundable portion of the child tax credit is less as you earn more money so that could be a reason. It's also possible that your withholding changed at work so your tax bill was higher which would reduce the amount available to refund to you.
The lower the number of dependents the more tax they take out. The more tax they take out the bigger your refund. So zero dependents is better than one if what you want is a bigger refund.
Yes, this is correct but the amount of your take home pay does not affect the amount of your child tax credit. It is the amount of your gross income before the taxes are withheld from your return
The child tax credit is $2000 for every child that qualifies. So it should be the same for everyone.
What you may mean is why did I receive less than that as a refundable amount? The refundable portion of the child tax credit is less as you earn more money so that could be a reason. It's also possible that your withholding changed at work so your tax bill was higher which would reduce the amount available to refund to you.
The lower the number of dependents the more tax they take out. The more tax they take out the bigger your refund. So zero dependents is better than one if what you want is a bigger refund.
We cannot see your tax return so we cannot explain the amount of your CTC. Did a child turn 17? You lose the CTC when they turn 17 and you get the $500 credit for other dependents instead.
If you do not list all the dependents on your W-4 then more tax will be withheld from your paychecks resulting a bigger refund (or less tax owed).
https://turbotax.intuit.com/tax-tools/calculators/w4/
https://www.irs.gov/individuals/tax-withholding-estimator
https://www.irs.gov/pub/irs-pdf/fw4.pdf
It depends on if your child reached the age of 17 during the tax year. IRS regulations state that a qualifying child can be claimed for the Child tax Credit if that child:
:
You qualify for the full amount of the 2024 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return).
child is 5 years old and income is $49,000 and is this a correct statement “ if you list more dependents on the W-4 you will have see higher paycheck pay with less deductions and if you put 0 you will see a higher deduction with a higher pay out when filling.
Yes, this is correct but the amount of your take home pay does not affect the amount of your child tax credit. It is the amount of your gross income before the taxes are withheld from your return
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