FAQs
You need to have taxable income to receive the child tax credit. It may be that your income is too low to qualify for the credit. You may qualify for the "additional child tax credit" if you don't qualify for the normal credit of $2,000 per child. This will allow you to see if you have any income tax or credits.
How to get $5,000 child tax credit? ›
How to claim. Filing your state tax return is required to claim this credit. You must claim YCTC on the 2023 FTB 3514 form, California Earned Income Tax Credit, or if you e-file follow your software's instructions.
Why is my child dependent credit so low? ›
Income: Parents or caregivers claiming the credit also typically can't exceed certain income requirements. Depending on how much your income exceeds that threshold, the credit gets incrementally reduced until it is eliminated.
Why is my child tax credit only $500 this year? ›
Did your child turn 17 during 2023? You lose the $2000 child tax credit when the child turns 17, and instead you get the $500 credit for other dependents.
Why am I not getting the full child and dependent care credit? ›
To receive the credit for Child and Dependent Care Expenses, the expenses had to have been paid for care to be provided so that you (and your spouse, if filing jointly) could work or look for work. If both spouses do not show "earned income" (W-2's, business income, etc.), you generally cannot claim the credit.
How can I get the full Child Tax Credit? ›
Families must have at least one qualifying child under 6 years old at the end of the tax year, must file a California state tax return, and meet the requirements of the CalEITC. As of tax year 2022 forward, taxpayers do not need to have earned income to be eligible.
How do you claim the 8000 Child Tax Credit? ›
You can claim the Child Tax Credit by entering your children and other dependents on Form 1040, U.S. Individual Income Tax Return, and attaching a completed Schedule 8812, Credits for Qualifying Children and Other Dependents.
Can I get a Child Tax Credit with no income? ›
No. You do not need income to be eligible for the Child Tax Credit if your main home is in the United States for more than half the year. If you do not have income, and do not meet the main home requirement, you will not be able to benefit from the Child Tax Credit because the credit will not be refundable.
How much do you get per child on taxes in 2024? ›
For the year 2023 (when you file your taxes in 2024), the CTC is worth $2,000 for each qualifying child if your modified adjusted gross income is $400,000 or below (married filing jointly) or $200,000 or below (all other filers).
Why is my Child Tax Credit less than $2,000? ›
The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1600. 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 $1600 per child.
Calculating the amount of the Child Tax Credit requires a few key numbers. Take the number of children that qualify for the tax credit and multiply this by $2,000 to calculate the total potential credit.
Which parent should claim a child on taxes to get more money? ›
It's up to you and your spouse. You might decide that the parent who gets the biggest tax benefit should claim the child. If you can't agree, however, the dependency claim goes to your spouse because your son lived with her for more of the year than he lived with you.
Why didn't I get my full Child Tax Credit? ›
Your income is too high.
The Child Tax Credit (CTC) is phased out at higher incomes starting at $400,000 for joint filers ($200K single). You lose $50 for each $1000 (rounding up) your income is over that threshold.
What is the $3600 Child Tax Credit? ›
How has the Child Tax Credit changed over the years? The American Rescue Plan raised the maximum Child Tax Credit in 2021 to $3,600 per child for qualifying children under the age of 6 and to $3,000 per child for qualifying children ages 6 through 17.
Can you get both EITC and Child Tax Credit? ›
The child tax credit is a credit for having dependent children younger than age 17. The Earned Income Credit (EIC) is a credit for certain lower-income taxpayers, with or without children. If you're eligible, you can claim both credits.
Why isn t TurboTax giving me the full Child Tax Credit? ›
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 $1600 per child. If the amount you earned was too low, you will not get the full $1600.
Why is my Child Tax Credit so low in 2024? ›
If your MAGI is higher than the income limits, the amount of child tax credit you receive will decrease by $50 for every $1,000 above the limit. For example, a MAGI of $210,000 as an individual would allow you to claim $1,500 for each eligible child.
Why am I not getting the full EIC? ›
The most common reasons people don't qualify for the Earned Income Tax Credit, or EIC, are as follows: Their AGI, earned income, and/or investment income is too high. They have no earned income. They're using Married Filing Separately.
Why is my Child Tax Credit not 2,000 per child? ›
The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds: $150,000 if married and filing a joint return or if filing as a qualifying widow or widower; $112,500 if filing as head of household; or. $75,000 if you are a single filer or are married and filing a separate return.