Question

Can be eligible for the child tax credit if both my wife and I have had earned income and an AGI below $350K and above $300K?

Forum|Forum|3 years ago
April 10, 2023
2 replies
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TurboTax Deluxe Online

Yes.

If you are married filing jointly and have a MAGI of less than $400,000, you are eligible for the child tax credit of $2,000 per child under the age of 17.

Please read this TurboTax article for more information.

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K

km165800Author

Thank you, if my wife’s income was via a 1099-R does that still qualify us?

X

xmasbaby0

Employee

Yes you are eligible for the CTC. Your child must be younger than 17. If the child turned 17 at any time in 2022, you lose the CTC and are only eligible to get the $500 credit for other dependents.

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

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.**

K

km165800Author

Thank you, if my wife’s income was via a 1099-R does that still qualify us?

X

xmasbaby0

Employee

Does one of you have income earned from working? The additional child tax credit is based on income earned from working--not on retirement income.

The rules for getting the child tax credit on a 2021 tax return and now on a 2022 return are very different. For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no income/did not work. That is NOT the way it will work for your 2022 tax return. The “old” rules are back.

The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1500. 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 $1500 per child. If the amount you earned was too low, you will not get the full $1500.

**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.**