I am currently working on my taxe using the TurboTax Deluxe, when i get to the deductions, Child Tax credit, it says I am not eligble for this deduction. I have 4 kids to claim as dependents, all under the age of 16 and in school full time, I earned 17,000 and also recieve child support in the amount of 10,000 for the yr (sad I know). I don%26#039;t have any child care expenses, why am I not eligilble for the credit? The stupid program doesn%26#039;t give me a clear reason as to why.
Any help is appreciated.
I am in Texas so there is not a state income tax...thank goodness
Tax question,, PLease Help me understand?
Sounds like your tax liability is already at zero. Which means you do not have any tax and there for can%26#039;t take the child tax credit. Make sure you are getting EIC.
Reasons you have 5 exemptions (you and the 4 kids) at 3,400 each. That alone is 17,000. Then you get your standard or itemized deduction (standard single is 5,350 and Head of household is 7,850. Which means you can earn a whole lot more income before you have a taxable income! When you do have a taxable income you still have a long way to go with 4k in child tax credits before you actually owe any tax.
Tax question,, PLease Help me understand?
If you are already claiming the earned income credit, you may not be qualified for the child tax credit.
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