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why am I only getting $314 instead of $2000 for the child tax credit

 
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2 Replies

why am I only getting $314 instead of $2000 for the child tax credit

@ericalynne1107 the tax credit is based on your income.  If you entered all your income, $314 means your earned income is $4593.  

 

At lower levels of earned income, the tax credit is 15% of your income after the first $2500

JohnB5677
Employee Tax Expert

why am I only getting $314 instead of $2000 for the child tax credit

I suggest you view your actual tax return and see what is happening.

 

The Child Tax Credit is based on the amount of tax that you owe. 

  • If the credit exceeds your tax liability, you may be getting the Additional Child tax credit.
  • The maximum tax credit per qualifying child is $2,000.  This will offset any taxes you may owe.
  • If you don’t owe any taxes, you still may qualify for the additional child tax credit.  This can be up to $1,700 per qualifying child.

From the left sidebar

  1. Select Tax tools
  2. Hint: You may have to minimize the Federal and State selections
  3. Click Tools
  4. A Menu will pop up
  5. Select View tax summary
  6. On the left panel click Preview my 1040

Some Key numbers:

  • 11 Adjusted Gross Income
  • 12 Deductions
  • 15 Taxable income
  • 16 Tax (This will limit the CTC)
  • 19 Child Tax Credit
  • 28 Additional Child Tax Credit
  • 33 Withholdings
  • 34 Refund
  • 34 Underpayment
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