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Who needs 8812 Form: What You Should Know
PDF. 2017 Schedule 8812, No matter whether you receive or claim an advance credit based on your earned income or a qualifying child, you can claim no more than the credit available to your or qualifying child. (Tax Reform Act of 1986, Pub. L. 99–514, §5(c)) Child or elderly adult credit. The child or elderly adult credit is an amount of 2,000 a year (or a maximum of 4,000 if married filing jointly) that can be used to reduce your income taxes if you are 65 or older and or disabled, and you are caring for a qualifying child, older dependent spouse, or a disabled spouse. No credit amount is taken into account if you meet both of the following referred to as the three qualifications: There must be no credit on your tax return. You must have earned income (income from work, self-employment income, estate, or other taxable return) that is subject to the 2% earned income tax bracket. See U.S. Taxpayers Manual 2016, ch. 15, pp. 382–383. In addition, certain types of dependents (for example, dependent children, elderly parents, and qualifying foster children) cannot receive the child credit. No matter what type of person you are or how qualified you are to benefit from the child credit, your adjusted gross income is reduced. In general, you can get a refund of 50% of any additional tax you owe on the amount of the child or elderly adult credit. (see Tax Reform Act of 1986, Pub. L. 99–514, §5(c)) The first qualification in the above definition is satisfied by filing Form 8860, U.S. Individual Income Tax Return for the Individual Tax Year Ending 2018. For individuals living in New York, New Jersey, Pennsylvania, or Rhode Island, Form 8860 presents the Form 1040 tax form. For individuals who report more than 75,000 for that year, see [Form 1040-F, line 21A] If you choose to file Form 8860, make sure that you complete and attach Form 8860-EZ, Schedule for Children.
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