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February 18, 2025
Question

why am I only getting $314 instead of $2000 for the child tax credit

  • February 18, 2025
  • 2 replies
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    2 replies

    February 18, 2025

    @ericalynne1107 the tax credit is based on your income.  If you entered all your income, $314 means your earned income is $4593.  

     

    At lower levels of earned income, the tax credit is 15% of your income after the first $2500

    JohnB5677
    February 19, 2025

    I suggest you view your actual tax return and see what is happening.

     

    The Child Tax 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.
    • The maximum tax credit per qualifying child is $2,000.  This will offset any taxes you may owe.
    • If you don’t owe any taxes, you still may qualify for the additional child tax credit.  This can be up to $1,700 per qualifying child.

    From the left sidebar

    1. Select Tax tools
    2. Hint: You may have to minimize the Federal and State selections
    3. Click Tools
    4. A Menu will pop up
    5. Select View tax summary
    6. On the left panel click Preview my 1040

    Some Key numbers:

    • 11 Adjusted Gross Income
    • 12 Deductions
    • 15 Taxable income
    • 16 Tax (This will limit the CTC)
    • 19 Child Tax Credit
    • 28 Additional Child Tax Credit
    • 33 Withholdings
    • 34 Refund
    • 34 Underpayment
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