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New Member
posted Oct 2, 2023 11:03:12 AM

How much can I expect to get back with a new dependent this year?

I haven’t made much income this year…below $5000-$10000…just want to see what it would look like for us this coming up year…

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2 Replies
Level 15
Oct 2, 2023 12:42:02 PM
Level 15
Oct 2, 2023 1:17:16 PM

The child-related credits are based on how much you earned by working, unlike the generous refundable credits given for 2021 returns, which did not even require you to have income from working to get the child tax credit.   

 

 

  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 the amount you earned was too low, you will not get the full $1500.

 

And, the earned income credit is also based on how much you earned from working.

 

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc

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