To qualify for the additional child tax credit, you must have earned income. If Social Security was your only income, you aren't eligible to claim this credit.
@Prayingmother_40 The child tax credit for 2024 is based on having income from working. You must have at least $2500 of income from working in order to get any of the refundable additional child tax credit. An earned income of only $2500 will not get you the full amount of the credit, however.
Can I file taxes when I didn't have a job but I have a child? Can I file taxes when I didn't have a job but I have a child? It will not benefit you to file unless you are a student and are claiming education expenses. If you have no income, you are not required to file, as there is zero tax.
Can you get the child tax credit in 2024 with no income? Can you get the child tax credit in 2024 with no income? Sorry--- no. The rules for the CTC are back to the ``old'' rules--you do not get the CTC if you did not work. The child-related credits are based on how much you earned by working.
You are only eligible for the Child and Dependent Care Tax Credit if you (and your spouse, if you are filing jointly) are employed, actively looking for full-time employment, or are enrolled in school full-time.
If you do not have at least $2500 of income from working you will not get the CTC or the additional child tax credit.
State Young Child Tax Credit:
Families must have at least one qualifying child under 6 years old at the end of the tax year, must file a California state tax return, and meet the requirements of the CalEITC. As of tax year 2022 forward, taxpayers do not need to have earned income to be eligible.
by TurboTax• 32• Updated 3 days ago
You do not qualify for the Earned Income Credit (EIC) unless you have earned income and meet all the other EIC qualifications. Being unemployed, not working, and/or not meeting the filing threshold automatically disqualifies you from the EIC.
If you do not have income, and do not meet the main home requirement, you will not be able to benefit from the Child Tax Credit because the credit will not be refundable. For information about the main home requirement for the fully refundable Child Tax Credit, see Q B6.
You qualify for the full amount of the 2024 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return).
You're eligible for the full credit amount if your modified adjusted gross income is $400,000 or below (married filing jointly) or $200,000 or below (all other filers). If your MAGI exceeds the limits, the credit is reduced by $50 for each $1,000 of income above the threshold until it phases out completely.
You can still file a tax return if you have little or no income. If you are due a tax refund, you must file a return to claim it. Even if you did not earn income, there are tax credits and deductions you may be eligible to claim.
Self-employed parents have many avenues through which they can strategically approach their federal income taxes. If they have a child, the taxpayer is potentially eligible for many child or dependent tax credits.
To meet the qualifying child test, your child must be younger than you or your spouse if filing jointly and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.
For tax year 2024, you may qualify for YCTC with total earned income of zero dollars or less provided all the following apply: Your total wages, salaries, tips, and other employee compensation (whether subject to California withholding or not), if any, do not exceed $34,602. Your total net loss does not exceed $34,602.
It is important to note that even if a taxpayer has no income, they must still file a tax return if they have a dependent and wish to claim tax credits. Failure to do so could result in a loss of benefits.
If you qualify for tax credits, such as the Earned Income Tax Credit or Additional Child Tax Credit, you can receive a refund even if your tax is $0. To claim the credits, you have to file your 1040 and other tax forms.
The dependent's birth certificate, and if needed, the birth and marriage certificates of any individuals, including yourself, that prove the dependent is related to you. For an adopted dependent, send an adoption decree or proof the child was lawfully placed with you or someone related to you for legal adoption.
Parents can use IRS Form 8814 to elect to report their child's income on their tax return instead of the child filing their own return. To make this election, the completed form is included with the parent's tax return.
Nearly all families with children qualify. Families will get the full amount of the Child Tax Credit if they make less than $150,000 (two parents) or $112,500 (single parent). There is no minimum income, so families who had little or no income in the past two years and have not filed taxes are eligible.
You can't claim the EIC unless your investment income is $11,600 or less. If your investment income is more than $11,600, you can't claim the credit. Use Worksheet 1 in this chapter to figure your investment income.
Child Tax Credit income limit and phase-out
$200,000 if filing as Single, Head of Household, or Qualifying Widow(er) $400,000 if Married Filing Jointly. $200,000 if Married Filing Separately.