Our adopted son was born in April of 2018 and has lived in our house since then. No one else can claim him as a dependent and no one has lived in our house to help care for him. Our refund was a little over $5,000 before I input his ATIN but dropped to around $3,500 once I entered it. I don't understand why.
Thank you in advance for your time and help.
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Since your son has an ITIN instead of a social security number he is not eligible for certain credits that he would be if he had a SSN that is valid for employment. One of the credits that is only available with a SSN is the Child Tax Credit. If you are now getting $500, this is because he is eligible for the $500 Other Dependent Credit, but not the $2,000 Child Tax Credit. They both show on the same line. This is why your refund dropped by $1,500.
Prior to entering the ITIN, TurboTax is calculating your credits and deductions based on the assumption that he has a valid SSN once that changes, a recalculation is made to adjust the credits appropriately.
Since your son has an ITIN instead of a social security number he is not eligible for certain credits that he would be if he had a SSN that is valid for employment. One of the credits that is only available with a SSN is the Child Tax Credit. If you are now getting $500, this is because he is eligible for the $500 Other Dependent Credit, but not the $2,000 Child Tax Credit. They both show on the same line. This is why your refund dropped by $1,500.
Prior to entering the ITIN, TurboTax is calculating your credits and deductions based on the assumption that he has a valid SSN once that changes, a recalculation is made to adjust the credits appropriately.
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