Child tax credit

[Ps1596]

I am not working, however I am required to file a return for 2024 due to gambling winnings. Will I qualify for child tax credit?

[LoriLeighEA]

Thanks for joining us today, Ps1596!

The Child Tax Credit reduces the amount of tax you owe by one dollar for each dollar of a tax credit.  The CTC is now worth up to $2000 per qualifying child. 

If you aren't able to take the entire Child Tax Credit because you don't have enough tax to offset, the Additional Child Tax Credit may help. This credit is refundable for the unused amount of your Child Tax Credit up to $1,600 per qualifying child for 2024, depending on your situation.

The credit is calculated by taking 15% of your earned income above $2,500. You get to claim the lesser of this calculated amount or your unused Child Tax Credit amount, up to the 2024 maximum of $1,600 per qualifying child. For more details click here: 2024Child Tax Credit