Who needs to fill out 8812?
Why do I need to file Schedule 8812
Use Schedule 8812 (Form 1040) to figure your child tax credits, to report advance child tax credit payments you received in 2023, and to figure any additional tax owed if you received excess advance child tax credit payments during 2023.
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What is the income limit for 8812
Income 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.
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Who should file for Child Tax Credit
Who Qualifies. You can claim the Child Tax Credit for each qualifying child who has a Social Security number that is valid for employment in the United States. To be a qualifying child for the 2023 tax year, your dependent generally must: Be under age 17 at the end of the year.
What generates Schedule 8812
Schedule 8812 is automatically generated in TaxSlayer Pro as needed depending on the answers to due diligence questions about the dependents, the amount of earned income, and the tax liability on the return.
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Why wouldn’t I qualify for child tax credit
You do not need income to be eligible for the Child Tax Credit if your main home is in the United States for more than half the year. 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.
What is the difference between child tax credit and additional child tax credit
Remind students that the child tax credit is a nonrefundable credit that allows qualifying taxpayers to reduce their tax liability. If a taxpayer is not able to use the entire credit from the maximum $1,000 per qualifying child, they may be eligible for the additional child tax credit, which is a refundable tax credit.
Who qualifies for earned income credit
To qualify for the EITC, you must: Have worked and earned income under $59,187. Have investment income below $10,300 in the tax year 2023. Have a valid Social Security number by the due date of your 2023 return (including extensions)
Why am I not eligible for the Child Tax Credit
1) Age test – For these tax years, a child must have been under age 17 (i.e., 16 years old or younger) at the end of the tax year for which you claim the credit. 2) Relationship test – The child must be your own child, a stepchild, or a foster child placed with you by a court or authorized agency.
Do you have to report Child Tax Credit as income
Advance Child Tax Credit payments are not income and will not be reported as income on your 2023 tax return. Advance Child Tax Credit payments are advance payments of your tax year 2023 Child Tax Credit.
How do I get rid of form 8812 on Turbotax
Enter a 0 (zero) when asked to enter a number on the Schedule 8812. This will correct the issue and remove the Schedule 8812 from your tax return so that you can file the return.
Why would the IRS deny Child Tax Credit
Most errors happen because the child you claim doesn't meet the qualification rules: Relationship: Your child must be related to you. Residency: Your child must live in the same home as you for more than half the tax year. Age: Your child's age and student or disability status will affect if they qualify.
Why does Turbotax say I don’t qualify for Child Tax Credit
In order to get that credit, you have to have income from working. The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1500 per child. If your child is older than 16 at the end of 2023, you do not get the CTC.
What does claiming child tax credit and additional child tax credit mean
The Additional Child Tax Credit is a refundable credit that you may receive if your Child Tax Credit is greater than the total amount of income taxes you owe. For instance, if you're eligible for a $2,000 Child Tax Credit and your taxes are only $1,000, you may add the remaining $1,000 credit to your refund.
Can you claim both EIC and child tax credit
The child tax credit is a credit for having dependent children younger than age 17. The Earned Income Credit (EIC) is a credit for certain lower-income taxpayers, with or without children. If you're eligible, you can claim both credits.
Does a single person qualify for earned income credit
The Earned Income Tax Credit ( EITC ) is a tax credit that may give you money back at tax time or lower the federal taxes you owe. You can claim the credit whether you're single or married, or have children or not. The main requirement is that you must earn money from a job.
Do I have to have a child to qualify for earned income credit
The amount of California Earned Income Tax Credit (CalEITC) you may receive depends on your income and family size. To qualify for CalEITC you must meet all of the following requirements during the tax year: You're at least 18 years old or have a qualifying child.
What happens if you never get Child Tax Credit
If you are eligible for the Child Tax Credit, but did not receive advance Child Tax Credit payments, you can claim the full credit amount when you file your 2023 tax return.
How does the Child Tax Credit affect income taxes
For the 2023 tax year (returns filed in 2023), the child tax credit is worth up to $2,000 per qualifying dependent. The credit is also partially refundable, meaning some taxpayers may be able to receive a tax refund for any excess amount up to a maximum of $1,500.
How do I report the advance Child Tax Credit
Reconcile Your Advance Payments Total on Your 2023 Tax ReturnGet your advance payments total and number of qualifying children in your online account.Enter your information on Schedule 8812 (Form 1040).
Why is TurboTax asking for 8812
You'll use Form 8812 to calculate your Additional Child Tax Credit.