Why no child tax credit?
I just ran all of our info through TaxAct and am perplexed about not receiving the child tax credit.
My husband and I have 3 dependents, an 18 year old, a 20 year old and a 10 year old. I know the older ones don't count towards the child tax credit, but apparently neither does the 10 year old!
We file married/joint, taxable income after all deductions/exemptions is $26,418, our tax liability on that $26,418 is $3,161 , we have a hope learning credit for $1800.00 and paid $4360.00 in federal taxes in 2008. As you can see, we are under the $110,000 threshold for the child tax credit. I am perplexed as to what about our situation makes us ineligable to receive the $1000.00 child tax credit for our 10 year old.
This the only information TaxAct provides regarding the child tax credit...
"The child tax credit provides a $1,000 credit for each qualifying dependent under age 17.
The credit under this provision for this return is $0.
The basic credit amount is shown on Form 1040A, line 33.
The amount of the child tax credit may end up being less than $1,000 per child as a result of being limited by the amount of income tax, other tax credits, or income in excess of the limitation amounts. The number of children who qualify for the child tax credit is determined by entries in the Dependents section of the Basic Information Topic. To review those entries, select Basic Information from the topic list. "
I reviewed our dependent information to make sure I had my daughter's date of birth and social security # entered correctly and everything was accurate. I did research the information regarding this on the irs website, but it made me even more confused!
It's driving me crazy...what am I missing here?