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April 15, 2024
Question

Im lost I made under $20,000 part time am I edible for the child tax credit I owe no money ? so does that mean I should be expecting $2,000 per child

  • April 15, 2024
  • 1 reply
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1 reply

JohnB5677
April 15, 2024

The 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.

  • For 2024, 2023 and earlier tax years, the Child Tax Credit is nonrefundable
    • If your credit exceeds your tax liability, 
    • your tax bill is reduced to zero, and 
    • any remaining unused credit is lost. 
  • However, you may be able to claim a refundable Additional Child Tax Credit for the unused balance.
  • Up to $1,600 per qualifying child in 2024 and 2023 is refundable with the Additional Child Tax Credit.

You can see this credit on your tax return form 1040

 

You can preview your tax return by going to:

  1. On the menu bar on the left that shows.
  2. Select Tax Tools
  3. On the drop-down select Tools
  4. On the popup menu
  5. Select View Tax Summary
  6. On the left sidebar
  7. Select Preview my 1040.

Child Tax Credit is on line 19

The additional Child Tax Credit is in line 28

 

Please contact us again with any additional questions or to provide some additional details.

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