child tax credit isnt 1,ooo no matter what?

Question

i didnt work alot last year. i know i got $1,000 last year for my son plus the eic. but im doing my taxes online on taxact this year and all i get is the eic nothing for the child credit. anyone has a reason for this

Answer 1

The Child tax credit is a non refundable credit that reduces your tax liability, If you have a -0- tax liability you can then apply for the additional Child tax credit but there is an income limitation there that may exclude you from claiming that, you have to have at least 11,300.00 to be able to claim the additional credit.

Then there is also the age factor if your child turned 17 during the tax year they would not qualify for the credit

http://www.irs.gov/publications/p972/ar02.html

Answer 2

If you did not work a lot last year, and did not have much taxable income, then you are probably getting most of your federal taxes you paid in 2006 back, besides the Earned Income Credit, right? Having said that, the only thing that the Child Tax Credit does is reduce your tax liability----It is NOT a refund of money or an extra $1000 in your pocket. You may have just misunderstood about that...that happened to me before too. There is an Additional Child Tax Credit that is a refund, but you have to have more than 1 child---at least 3, to qualify and there is minimum income requirements as well. I'm not sure what happened last year, but you probably remember getting to claim the Child Tax Credit of $1000 to offset any taxes you may have owed, and therefore reduced your tax liability to zero. If that was the case, your refund was probably all the federal $$$ on your W2 that you got back plus the Earned Income Credit. This year, if you did not make as much, your refund would be substantially lower.

Answer 3

The child tax credit isn't a refundable credit. This means that it can only take your taxes down to zero, you would not get the rest of it back. So if for example your total tax is $350, then that's all you'd get for the child tax credit. If your total tax is zero, then you don't get anything for it.

The EIC is a refundable credit, which means that if you're eligible, you get it whether you owe any tax or not.

The amount of the credit is also reduced for high-income people, but from your question, I assume that's not your issue.

Answer 4

U get EIC as refund not $1000

Answer 5

child tax credit only goes down to zero, whereas earned income tax "credit" is really a handout program that can actually give you a payment beyond zero tax. In other words my taxes are paying YOU!

Answer 6

something must have changed regarding your tax situation. The program should automatically include the credit if you are eligible.

Answer 7

If your income is too low, you won't get it or if your son turned 17 last year, you won't get it either.

Either that, or you entered something wrong