Children are not only joy and happiness but also an expensive pleasure. Fortunately, the Revenue Service allows you to receive the Child Tax Credit. Beginning from 2018, its amount can be up to $ 2,000.
Schedule 8812 is filled in to qualify for additional child tax credit (ACTC). You are able to claim the ACTC if your child tax credit is limited because of your tax liability.
This is not a single paper, and it is included with Form 1040. You will determine additional credit in this Schedule.
There are certain requirements that a child must meet to receive this credit. These include:
But as almost everywhere, there are a few exclusions to these requirements:
According to the articles of the paper, you must have earned income. You will need to specify your gross income.
If you have one or more kids (all must meet the parameters above) and your income is more than $ 2500, then you have the right to refund up to 15% of your income over $ 2500.
If your income is less, then you will have this right if:
We advise you to consult a specialist if you have any doubts about using this form.
Other IRS Forms for Individuals
Preparation of IRS schedules is only necessary under certain circumstances. Read about related schedules and IRS forms to make sure you haven’t missed out on anything important.
The form takes only 1 page and is divided into three parts. The first part of the paper is filled in by everyone who meets the voiced requirements. The second is needed for those who have three or more children who meet the requirements. In the third part, you will receive the credit amount.
We recommend using the special form-building software, which you can easily use on our website. This will save you time.
Please enter your name as in the tax return and the number of Social Security.
Transfer data from other papers
To fill out the first two points, you will need data from other docs. Insert them as required by the instructions. If in line 3 you get zero, then there is no point in continuing to fill out the document further.
Indicate the number of children
Enter the number of children that fit all requirements. Multiply their number by $ 1400, and write the result in point 4.
Complete the remaining items in Part 1
Following clear instructions, continue filling out this part of the document from points 5 to 8. Based on your answers, you will either stop filling out the form here and move your answer to Part 3 or continue filling out Part 2.
Complete Part 2
Using the previously filled out forms, enter the data in the second part of the document.
Get the total amount
In column 15, you need to insert:
We strongly recommend you consult with a professional before submitting this document. After all, if the Revenue Service recognizes you were not eligible for this ACTC, you may be denied receiving it within the next two years. Therefore, it is better not to risk it but to get extra tax advice if you cannot figure it out yourself. Check the validity of the data several times before submitting it.
If you are divorced or living separately from your spouse, then only one of you can qualify for ACTC. The custodial parent usually gets this right. But there are some exceptions. For a noncustodial parent to take advantage of this, the following conditions must be met: