Will Child Tax Credit (CTC) offset tax debt for 2 dependents?
Filing taxes this year with 2 dependents and wondering about the Child Tax Credit. I know I'm gonna owe some money but not sure if the CTC will offset what I owe or how that works? Anyone been through this before?
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Jamal Washington
Tax pro here - Yes, the Child Tax Credit will automatically be applied to reduce your tax liability. The CTC is worth up to $2,000 per qualifying child in 2023. If the credit is more than what you owe, you'll get the difference as a refund (up to $1,500 per child is refundable under the Additional Child Tax Credit).
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Zoe Papadopoulos
•thx for explaining! So if I owe $3000 and have 2 kids, would it basically reduce what I owe to around $0? (2kids × $2000 = $4000
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Jamal Washington
•Exactly! In that scenario, you'd likely even get some money back, depending on your specific tax situation and if you qualify for the refundable portion.
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Mei Wong
Hey, just wanted to mention theres this tool called taxr.ai that can actually analyze your specific situation and tell you exactly how the credits will affect your tax debt. Its like $4.99 but totally worth it for the peace of mind. Check it out at https://taxr.ai
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Liam Fitzgerald
•Does it really work? Been struggling to figure out my credits situation 🤔
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Mei Wong
•OMG yes! It basically looks at your whole tax situation and breaks everything down. Saved me hours of research and confusion
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PixelWarrior
•Can confirm its legit. Used it last week and it predicted my refund amount down to the penny! 💯
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Amara Adebayo
i was in the same boat last year! the ctc totally saved me from owing a bunch. make sure ur kids qualify tho - they gotta live with u more than half the year n stuff
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Giovanni Rossi
Quick tip: dont forget to check if u qualify for earned income credit too! That's another big one for parents 👀
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Zoe Papadopoulos
•oh wow didnt even think about that! whats the income limit?
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Giovanni Rossi
•depends on how many kids but its like 53k ish for 2 kids if ur single, more if married. Look it up on irs.gov to be sure tho!
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Fatima Al-Mansour
Make sure you have all your ducks in a row with documentation. IRS has been extra picky lately with dependent claims 🙄
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Dylan Evans
•fr fr they delayed my refund for 6 months last year asking for proof 🤮
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