turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I've made a little over 5,000 dollars and i have 2 babies and it's saying I'm only getting back 398 in tax child credit did I do something wrong ?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
JaimeG
New Member

I've made a little over 5,000 dollars and i have 2 babies and it's saying I'm only getting back 398 in tax child credit did I do something wrong ?

The Child Tax Credit is a Non-Refundable Credit. This means that the $1000.00 that is credited per child can only bring your Taxes owed down to -0-. If you this is the case then you may qualify for the Additional Child Tax Credit:

Despite the name, the Additional Child Tax Credit is not a credit you get for additional children; rather, it's the refundable portion of the Child Tax Credit.

Here's how it works: Let's say you qualify for the $1,000 Child Tax Credit but your tax liability for the year is only $750. You'd get a $750 Child Tax Credit (the amount needed to reduce your tax liability to $0) and, if you qualify, the remaining $250 as the Additional Child Tax Credit.

Qualifications for the Additional Child Tax Credit are the same as the Child Tax Credit, except you also need to have at least $3,000 in earned income. We'll automatically give you this credit if you're eligible.

View solution in original post

1 Reply
JaimeG
New Member

I've made a little over 5,000 dollars and i have 2 babies and it's saying I'm only getting back 398 in tax child credit did I do something wrong ?

The Child Tax Credit is a Non-Refundable Credit. This means that the $1000.00 that is credited per child can only bring your Taxes owed down to -0-. If you this is the case then you may qualify for the Additional Child Tax Credit:

Despite the name, the Additional Child Tax Credit is not a credit you get for additional children; rather, it's the refundable portion of the Child Tax Credit.

Here's how it works: Let's say you qualify for the $1,000 Child Tax Credit but your tax liability for the year is only $750. You'd get a $750 Child Tax Credit (the amount needed to reduce your tax liability to $0) and, if you qualify, the remaining $250 as the Additional Child Tax Credit.

Qualifications for the Additional Child Tax Credit are the same as the Child Tax Credit, except you also need to have at least $3,000 in earned income. We'll automatically give you this credit if you're eligible.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question