Child Tax Credit

[lmdavila]

When I submit my taxes, do I need to fill out any special form to get the Child Tax Credit refund? I already listed my dependants on my taxes, but I'm asking about the special tax credit that I should receive for my two children.  I'm filling jointly with my husband.

Thanks!

[DawnC]

What special tax credit are you asking about if not the Child Tax Credit?  TurboTax will apply every credit available when you complete your tax return.   Here is an article about different types of credits.   Sweet Child of Mine   

[lmdavila]

I'm referring to the one that you have to file the form 8812. 

[DawnC]

The Child Tax Credit is $2000 for children under 17.   Schedule 8812 handles the Child Tax Credit and the Other Dependent Credit, which is for children (or other dependents) age 17 or older.  It is only a $500 credit.

[lmdavila]

Both of my kids are under 17.  From what I understood, aside from getting credit on my taxes, I'm supposed to get a separate payment per child under 17 on my taxes.  Am I understanding correctly? I'm a little confused at how this works. I appreciate your clarification. 

[DoninGA]

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@lmdavila wrote:

Both of my kids are under 17.  From what I understood, aside from getting credit on my taxes, I'm supposed to get a separate payment per child under 17 on my taxes.  Am I understanding correctly? I'm a little confused at how this works. I appreciate your clarification. 

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Any refundable  tax credits you are eligible to receive on your federal tax return will be included in the federal tax refund.  The child tax credit is not a separate tax refund.

[JamesG1]

DoninGA is correct.

The Child Tax Credit is computed on IRS Schedule 8812 in your 2023 Federal 1040 tax return.

The Child Tax Credit will be found on line 19 of your IRS form 1040 tax return.

For 2023, you must have earned income of at least $2,500 to be eligible for the refund.

You qualify for the full amount of the 2023 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 (or $400,000 if you are filing a joint return).

The maximum amount of the child tax credit is $2,000; for the 2023 tax return, the refundable amount is $1,600 depending on your income.  For 2023, you must have earned income (income from a job) of at least $2,500 to be eligible for the refund.

If your child is older than 16 at the end of 2023, you do not get the Child Tax Credit.  But you may still qualify for the non-refundable $500 credit for other dependents instead.

See also here.

@lmdavila 

[lmdavila]

oh ok.  For some reason I thought that this year, aside from the credit you get on yout taxes, there was  additional money sent to parents per dependant.  

[MayaD]

You are probably referring to the  Additional Child Tax Credit which can be claimed when the full Child Tax Credit can’t be used. It is the $1600 refundable amount that JamesG1 mentioned. 

What is the Additional Child Tax Credit?