Tax Credit View
February 19th, 2008
Question: Help with Turbo Tax child tax credit please…?
Shouldn’t one have the entire 1000.00 added to the refund amount? When I am working on our taxes, it says our son qualifies and it says for 1000.00. However, only 107 is added to our refund. On the form view I can see that the child credit is 893 with an additional child tax credit of 107. It’s not making sense to me so if anyone can be of some help I would really appreciate it. Thanks a lot in advance.
Answer: The CTC reduced your tax liability to $0. Before the CTC was applied, your tax liability $893 and the CTC wiped that out. Anything beyond that is lost as the CTC is not a refundable credit.
However your income was high enough to qualify for the Additional child tax credit. That IS a refundable credit that can replace a portion of the lost CTC, up to the entire lost amount. That’s what happened in your case.
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