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I have two children I’m claiming this year. It says $2,000 per child. Why am I getting back less than that?

I thought the refund would be at or about $4,000. It is less than that.
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I have two children I’m claiming this year. It says $2,000 per child. Why am I getting back less than that?

You do not "get" $2000 per child as a refund.    That is not how it works.  First the $2000 per child is used to reduce any tax you owe.   If your tax owed is reduced to zero, the rest of the $2000 per child can be used as the refundable additional child tax credit----up to $1600 per child but possibly less, depending on how much tax you owed and depending on how much you earned from working.

 

 

The total per child is $2000.   First the $2000 is used to reduce your tax owed down to zero.  When (if) your tax owed is zero, the "rest" of the $2000 can be added to your refund as the Additional Child Tax Credit----up to a maximum of $1600 per child.  But....that Additional Child Tax Credit also depends on how much you earned by working.  

 

Take the amount you earned, subtract $2500, and multiply what is left by 15%.  That is your additional child tax credit ---- up to a maximum of $1600 per child.

 

 

Look at your 2023 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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