![]() TurboTax Online is tailored to your unique situation- it will search for the deductions and credits you deserve, so you're confident you'll get your maximum refund. PST.Get your taxes done right with TurboTax Online. Live help is available 7 days per week from 5:00 a.m. You will have to upgrade to talk to a representative. Free support is not available to Free Edition users. On the next page, skip the suggested topic links and scroll down until you see CALL US. In the search line enter some keywords or question without quotes. Start with: what is on line 1 of your 1040? What is on line 8b? What is your child's birth year? What's on line 13a of form 1040 and line 18b?ĭon't complicate the Child tax Credit issue by adding the stimulus issue. To get a 'second opinion' on-line direct from IRS, try Another possibility is that part of your tax due is not regular income tax, but is self-employment tax (FICA), early distribution penalty or another type of additional tax, for which the CTC cannot be used. The CTC goes with the dependency, even though the custodial parent still gets the Earned Income Credit, Dependent care credit and Head of Household.Ħ. You are the custodial parent and the non-custodial parent is claiming the dependent this year.The ACTC is a maximum of $1400 per child (not $2000). The ACTC is calculated on form 8812 and is basically 15% of your earned income over $2500. That is, part of the CTC may be on line 18b of form 1040 (2019 version) instead of line 13a (lines 17 and 12 in 2018). But, if you have more than $2500 of earned income, some or all of it is usually given back to you thru the "Additional Child tax credit". The CTC is a non-refundable credit and can only reduce your income tax to 0, It can not help you beyond eliminating your tax liability. The child tax credit (CTC) is also limited to your tax liability. Previously it was $75,000 for single, head of household, and qualifying widow or widower filers and $110,000 for joint filers. You lose $50 for each $1000 (rounding up) your income is over that threshold. The Child Tax Credit (CTC) is phased out at higher incomes starting at $400,000 for joint filers ($200K single). Instead you will get the non-refundable (up to) $500 Other Dependent Credit. Although a child can still be a student dependent through age 23, and a qualifying child for EIC, the Child Tax Credit expires the year they turn 17 and you no longer get the $2000 CTC. A child over age 16 no longer qualifies for the Child Tax credit (CTC). This comes as a big surprise to many parents the year their child turns 17. What you can't claim is the Child tax credit. You can still claim your child, as a dependent. If you haven't entered your income yet, the CTC will not show. The CTC is not an automatic $2000, per child. If the child was born in 2019, you have to answer that he lived with you all year. If the child was born during the year, say he/she lived with you all year (note: TurboTax changed how this section is done two years ago, you may need to go thru the interview again or even delete your dependent and start over). In the personal Info section, for the dependent, you must select answers that indicate that he/she is your dependent child. There are 6 possible reasons you aren’t getting the Child Tax credit (CTC). Look at your 2019 Form 1040 to see the child-related credits you received If you did not earn at least $2500 you cannot get any child tax credit at all. That is your refundable amount -or "additional child tax credit" amount. Then take that number and multiply by 15%. Then the "refundable" amount of up to $1400 is calculated. First the credit is applied to any tax you owe. ![]() The child tax credit is a credit of UP to $2000, but not everyone gets the full amount. (If you file married filing separately you cannot get EIC) There is a link below that you can use to see how much EIC you should be getting for the number of children you claimed under your filing status-Single, Head of Household or Married Filing Jointly. Your earned income credit is based on how much you earned by working. Every 2019 W-2 and every 2019 1099 you received have to be entered on the same tax return. Make very sure that you have entered every cent of income you received in 2019 in Federal>Wages and Income. If you only earned a small amount of money in 2019 then you will not get a big refund. Your child-related credits are affected in a big way by how much income you earned by working. There is an oddly worded question that asks if the child paid over half their own support. Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number. If your child was born in 2019 make sure you said he lived with you the whole year. We cannot see your return so we do not know why.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |