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swordholder99
January 28, 2024
Question

Turbotax is calculating child tax credit allowance per child as $500 per child, meanwhile IRS says it has to be $2000 per child. What is the confusion here ?

  • January 28, 2024
  • 2 replies
  • 0 views
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2 replies

DoninGA
DoninGA
Employee
January 28, 2024

If the child was older than 16 in 2023 they are not eligible for the child tax credit.  They are only eligible for the Other Dependent credit of $500.

M
MinhT1
January 28, 2024

The child tax credit is $2,000 per children for children aged under 17.

 

For children 17 or older, the Other Dependent Credit of $500 applies.

 

 

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xmasbaby0
Employee
January 28, 2024

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

**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.**
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