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September 19, 2024
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Was wondering if I've already applied and received the ctc for 2023 or if I can still get it if not?

  • September 19, 2024
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Best answer by VolvoGirl

Did you file a 2023 return?  Check your 1040 lines 19 and 28 for the Child Tax Credit.

 

And see Child Tax Credit - TurboTax Tax Tips & Videos

 

The Child Tax Credit is not a refundable credit, so you can only use it to the extent you owed tax.  The Additional Child Tax Credit is a refundable credit (one you can get even if you don't owe taxes) but the amount of the credit that is potentially refundable is calculated by taking 15% of your earned income above $2,500. You get to claim the lesser of this calculated amount or your unused Child Tax Credit amount, up to $1,400 per qualifying child.   

2 replies

VolvoGirl
VolvoGirlAnswer
Employee
September 19, 2024

Did you file a 2023 return?  Check your 1040 lines 19 and 28 for the Child Tax Credit.

 

And see Child Tax Credit - TurboTax Tax Tips & Videos

 

The Child Tax Credit is not a refundable credit, so you can only use it to the extent you owed tax.  The Additional Child Tax Credit is a refundable credit (one you can get even if you don't owe taxes) but the amount of the credit that is potentially refundable is calculated by taking 15% of your earned income above $2,500. You get to claim the lesser of this calculated amount or your unused Child Tax Credit amount, up to $1,400 per qualifying child.   

Employee
September 19, 2024

Most of the time, Turbotax will automatically claim any credit you are entitled to.  Do you think you should have gotten something you didn't?  To get the child tax credit, you generally must earn enough money that you owe income tax, and you claim at least one qualifying child dependent.  If you don't earn enough to pay taxes, you may still qualify for a partial credit but only if your income is earned from working (unemployment, investments, etc. doesn't count for the additional child tax credit.)