turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
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.

Why is turbo tax estimating my child tax credit at 94 if I made 3500 chapt gpt said I qualify for 1600 if I made 2500

 
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 Reply

Why is turbo tax estimating my child tax credit at 94 if I made 3500 chapt gpt said I qualify for 1600 if I made 2500

Sorry----not sure what you mean by the "chapt gpt" but whatever that is, they did not understand how the additional child tax credit is calculated.     The credit is calculated based on the amount over that first $2500.   So if you made $3500----the credit is calculated on $1000.

 

Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number.    Careful— do not say that your child’s SSN is not valid for employment.  If your child was born in 2024 make sure you said he lived with you the whole year.  There is an oddly worded question that asks if the child paid over half their own support.  Say NO to that question.

 

Have you entered income from working in 2024?  If not,  you will not receive an income tax refund based on having dependent children.

 

  The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1700.   In order to get that credit, you have to have income from working.  The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1700 per child. If the amount you earned was too low, you will not get the full $1700.

 

 If your child is older than 16 at the end of 2024, you do not get the CTC.  But you may still get the non-refundable $500 credit for other dependents instead.

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/child-tax-credit/L2lNhfGDl_US_e...

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/additional-child-tax-credit/L6x...

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...

 

 

Look at your 2024 Form 1040 to see the child-related credits you received

 

PREVIEW 1040

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-retur...

Child Tax Credit line 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question