Why does TurboTax want me to fill out Form 8812?
Why is TurboTax asking for schedule 8812
You will first need to complete the form using the Schedule 8812 instructions and then enter the results on your Form 1040. You'll need to include the completed schedule with you tax return. You'll use Form 8812 to calculate your Additional Child Tax Credit.
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How do I get rid of Schedule 8812 on TurboTax
To delete Form 8812 Child Credit follow these steps:With TurboTax open select Tax Tools in the left panel.Select tools.Select delete forms.Select delete on the line for Form 8812.Select Delete Selected Form.
Do I have to fill out Form 8812
You should complete file IRS Schedule 8812 (Form 1040) when you complete your IRS tax forms each year. Claim your child tax credit along with your other credits for 2023 by April 18, 2023. Those that miss the deadline can have an extension. However, it is recommended that you file taxes by the deadline.
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.
Does TurboTax automatically file a schedule 8812
If you qualify, the worksheet will direct you to fill out Schedule 8812 to claim the Additional Child Tax Credit. If you use TurboTax to prepare your tax return, you don't need to fill out any worksheets or worry about which forms to use.
Why is TurboTax making me do a Schedule C
Schedule C is used to report income and expenses from a business you own as a sole proprietor or single-member LLC. If you are self-employed or receive 1099-NEC Forms, you'll likely need to use Schedule C to report income and expenses for your trade or business.
What is the 8812 additional child tax credit
What is the Child Tax Credit/Additional Child Tax Credit (8812) Beginning in 2023: The child tax credit is reverting to the previously used non-refundable credit of up to $2,000 which may reduce your tax liability for each qualifying child listed on your return.
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.
How much of child tax credit is refundable
Know that for CTC/ACTC: The maximum amount of CTC per qualifying child is $2,000. The refundable part of the credit, ACTC, is worth up to $1,500 for each qualifying child.
What is IRS form 8812 used for
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.
Who qualifies for 8812
Qualifying child requirement
They must be a U.S. citizen, national, or resident. They must under the age of 17 by the end of the calendar tax year. They must live with you for more than half the year. They must receive over half of their support from you.
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.
How do I remove Schedule C from TurboTax
To delete Schedule C in TurboTax Online:Go to "My Account" in the top right corner.Select "Tools"Under "Tools Center" select "Delete a Form"Navigate to "Schedule C" and select "Delete" next to it.
How do I remove a Schedule C TurboTax
Return to the Complete your Schedule(s) C screen and click Start next to the incomplete Schedule C. Enter any value in the Principal business or profession field and then click the Back button. You will now see an option to delete the extra Schedule C.
What does 8812 mean on tax return
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.
Do you have to pay back the additional child tax credit
In addition, the entire credit is fully refundable for 2023. This means that eligible families can get it, even if they owe no federal income tax. Before this year, the refundable portion was limited to $1,400 per child and there were other requirements regarding earned income to obtain the refundable portion.
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.
Is everyone supposed to get the 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.
Do you have to pay back the refundable Child Tax Credit
There is no remaining amount of Child Tax Credit that you can properly claim on your 2023 tax return; and. There is no amount of advance Child Tax Credit that you need to repay to the IRS.
Do you have to pay back the additional Child Tax Credit
In addition, the entire credit is fully refundable for 2023. This means that eligible families can get it, even if they owe no federal income tax. Before this year, the refundable portion was limited to $1,400 per child and there were other requirements regarding earned income to obtain the refundable portion.