Why didn’t we get the child tax credit?

amother

Powderblue

Sun, Mar 03 2024, 3:35 pm

Not sure where you got the $400k limit from but I'm fairly certain that's incorrect. Maybe you mean the 400% poverty level? I'm not sure what the cutoff is but we make well under 400 and don't get that kind of tax credit

amother

Midnight

Sun, Mar 03 2024, 3:45 pm

amother Powderblue wrote:

It’s 200k per person, 400k for married filing jointly

amother

Powderblue

Sun, Mar 03 2024, 3:50 pm

amother Midnight wrote:

It’s 200k per person, 400k for married filing jointly

Is this new for this year?

amother

NeonOrange

Sun, Mar 03 2024, 3:53 pm

amother Powderblue wrote:

Is this new for this year?

No

Could it be you get it withheld from your employer based on how you filled your w4?

amother

Powderblue

Sun, Mar 03 2024, 3:55 pm

amother NeonOrange wrote:

No

Could it be you get it withheld from your employer based on how you filled your w4?

Maybe. Meaning that we withheld less taxes factoring in the anticipated tax credit?

amother

NeonOrange

Sun, Mar 03 2024, 4:09 pm

amother Powderblue wrote:

Maybe. Meaning that we withheld less taxes factoring in the anticipated tax credit?

Right. Maybe…

amother

Sunflower

Sun, Mar 03 2024, 4:10 pm

We live abroad and got the child tax money.

Check your paperwork carefully. It could be they decided to adjust your amount for whatever reason and it will be written.

It also might not be correct. the IRS does make mistakes. Ask me how I know.

User10

Sun, Mar 03 2024, 11:19 pm

amother OP wrote:

Just filed our taxes and when I saw the refund we would be getting I knew something was wrong. By child tax credit the amount we got is $324. Every year until now we got $2k per kid. Not much has changed in our financial situation since last year. I’m hoping this is a mistake. I emailed the accountant but no answer yet. Anyone know what this could be?

What do you see on line 19 (child tax credit) and on line 28 (additional child tax credit)? Withholding throughout the year has nothing to do with how much you're owed. That will get reconciled at the end of the return.

amother

Mon, Mar 04 2024, 10:08 am

User10 wrote:

Line 19 says 324
Line 28 says 4,800
What’s line 28?

amother

Zinnia

Mon, Mar 04 2024, 10:29 am

Line 19 is the non refundable piece of the $2000 (max $400 per kid), but this amounts only offsets any taxes owed. Line 28 is the refundable piece of the child tax credit ($1600 per kid) so the combination between these two line is your total child tax credit. So $4800 seems like 3 kids.

amother

Mon, Mar 04 2024, 12:15 pm

amother Zinnia wrote:

Yes 3 kids. Now I’m even more confused 😂.
I looked at previous years. Every year by line 19 it says 6,000 (2k per kid) so what happened this year?? I was relying on the money 😞
I’m assuming it has to do with dh new job. Maybe he filled out his w4 wrong

amother

Zinnia

Mon, Mar 04 2024, 1:38 pm

The portion of the $2000 that is refundable varies from year to year (and the child tax credit was higher in 2021, so can’t compare). So, it’s possible that you didn’t have a tax liability for 2023 and therefore didn’t get the full non refundable piece of the credit. The amount withheld from his paycheck based on how the W4 was filled out won’t impact the actual credit. Getting a huge tax refund at the end of the year is actually a bad thing because it means you were overpaying the IRS all year. Although I know some people prefer it this way, because they would have spent the extra money if it was included in each paycheck.

I’m a CPA but don’t work in tax so am definitely not a tax expert. Hopefully your accountant will have more insight

User10

Mon, Mar 04 2024, 5:03 pm

amother OP wrote:

I would think that at the old job he might've not updated the W4 as you had kids so they might've withheld during the year with old info. Now that he changed jobs and wrote the current situation they withheld appropiately.. so it's actually more on target. If you like withholding more throughout the year and getting large refunds you can ask them to withhold more for you.

amother

Apricot

Wed, Apr 03 2024, 10:30 pm

Success10 wrote:

Are you in the US? It's not available to citizens living abroad. Mad

my cousins get it in israel
they actually fly to the us to become citizens so they can collect it...

amother

Lemonlime

Wed, Apr 03 2024, 10:35 pm

amother OP wrote:

I have no idea. I always thought everyone gets 2k per kid as long as they make under 400k. You mean maybe not enough taxes were withheld?
DH got a new job in Sept but making the same as he always did

His new job prob withholds less taxes therefore he owes taxes now and it comes from child tax credit

amother

Midnight

Wed, Apr 03 2024, 10:40 pm

amother Apricot wrote:

my cousins get it in israel
they actually fly to the us to become citizens so they can collect it...

Why are you bumping a month old thread?

amother

Antiquewhite

Thu, Apr 04 2024, 6:53 am

amother OP wrote:

Did the accountant get back to you?

Success10

Thu, Apr 04 2024, 7:28 am

amother Apricot wrote:

my cousins get it in israel
they actually fly to the us to become citizens so they can collect it...

This is an old thread, but, yes you can get child tax credits in Israel. However the additional tax credit (I forgot the name) is only available to those filing from the US.