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April 20, 2020
Question

Why am I not seeing my child tax credit if my total income is 128,400? I can see it like as a federal credits you found for me but, it is not been deducted.

  • April 20, 2020
  • 1 reply
  • 0 views
taxable income   103600
Federal credits        4,000

Federal taxes I owe  10484
Federal taxes I paid   10,503
my federal refund              19

I do not see the TCT as a reduction

1 reply

Employee
April 20, 2020

Is your child under the age of 17?  Did you enter a Social Security number for your child?  Look at your Form 1040.

 

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

 

Child tax credit line 12a

Additional Child Tax Credit line 17b   (schedule 8812)

Credit for Other Dependents line 12a

There was lots of hype in the news about the new $2000 Child Tax Credit when the tax law changed for 2018 and beyond.    Unfortunately, some people do not yet understand that it does not mean they will automatically receive $2000 per child just for filing a tax return.

Do not assume your refund will include $2000 per child for child tax credits.  It does not work that way.  The CTC is used first to reduce your tax liability to zero. After that, there is a refundable portion —up to $1400 — called the Additional Child Tax Credit that is calculated based on the amount of income you earned.  You do not necessarily get the maximum amount.  You get 15% of the amount of income earned above $2500--UP to the maximum amount possible.

 

If your child turned 17 in 2019, even on the last day of 2019, you do not get the child tax credit.  There are no exceptions to the rule.  You can still claim your child as a dependent.

Your child must have a Social Security number to get the CTC. 

If your child was born in 2019 you need to say the child lived with you for the WHOLE year.

If your child lived with you for less than half the year you cannot get CTC.

If you did not earn at least $2500 you cannot receive the child tax credit.  Beyond that amount the CTC you receive is affected by your tax liability and the amount you earned.  You might not get the full $2000 of CTC.

 

The child tax credit is reduced by $50 for every $1000 of AGI over these limits:

Married filing jointly                $400,000    (CTC disappears at $440,000)

 

Single, Head of Household, Married Filing Separately or qualifying widower               $200,000  (CTC disappears at $240,000)

 

**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.**