How much difference would I see on my taxes for a second child tax credit?

Question

I have a new child with an unknown ss number.  My return is around $2700 without adding him.  Is it a flat amount or do all of my variables determine the amount?

Answer 1

Many variables determine the amount.

If you have any tax liability, it would be lowered or eliminated by being able to claim a $3400 deduction and a $1000 child tax credit for the second child.

If you are eligible for EIC, that amount would increase, but the increased amount would vary depending on the amount of earned income you have.

Answer 2

Well. you get and extra deduction of $3400. And up to $1000 of Child Tax Credit.

However someone before said that this isn't refundable if your tax liability gets to zero. This isn't always true...if you make enough and your tax liability is zero...then the child tax credit can turn into Additional Child Tax Credit (ACTC). And the ACTC is a refundable credit just like the Earned Income Credit.

There is not enough information here to answer your question. But that is how it works.

Hope this helps

Answer 3

A second child could net you up to $1000 child tax credit as well as the extra personal exemption of $3400, and a credit for child care expenses you paid.