so my total earned income from working was 20,000 then I had gambling winnings that was 25,000 that I cashed for someone else but that’s neither here nor there plus I have two dependents under the age of 18 and I am head of household, and I did not receive my earned income credit because gambling winnings is considered other income. I’m not understanding why I did not receive my earned income, credit or my child tax credit also I was charged for different charges from TurboTax
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We cannot see your return through this forum, but we can guide you to review these credits. Let's start with the child tax credit. The Child Tax Credit is available for each qualifying child under the age of 17. The Child Tax Credit is valued at $2,000 per qualifying child. However, in the tax year that a child turns 17, they no longer qualify for this credit and may, instead, qualify for the Credit for Other Dependents, which is valued at $500 per qualifying dependent. To determine if you received these credits, review line 19 of Form 1040.
The Child Tax Credit itself may be nonrefundable first (reducing your tax liability dollar-for-dollar to the full amount of the credit or $0), with up to $1,400 refundable, which could increase the amount of your refund. The Credit for Other Dependents is nonrefundable only.
The Earned Income Credit credit phases out completely for Head of Household filers at an adjusted gross income of $55,768 with two qualifying children in tax year 2024. If you received any EIC, it would be reported on line 27 of your Form 1040. The gambling income will not count as earned income, but it will be included in your adjusted gross income calculation. It is possible your income level is phasing out some or all of the credit.
What are the qualifications for the Earned Income Credit?
To view your tax summary and look for these credits, from the menu on the left choose Tools, then choose View my Tax Summary. Again from the left, you can click on Preview my 1040 to view the specific lines of the tax return.
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