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Video instructions and help with filling out and completing Form 8812 2022

Instructions and Help about Form 8812 2022

Music hey I'm Joe and I'm Karen and we're with M&M Income Tax Service and we're back with another tax topic or tax tip and hopefully it's gonna answer one of your questions today Karen what's today's tax topics it's the new child tax credit absolutely it's really been crate ly expanded it and increased and really we wanted to kind of cover it with you because now it's three parts and again it's greatly expanded what are our parts care well you have child tax credit and then you have additional child tax credit and an other dependent credit okay well the child tax credit was expanded the additional was expanded and the other dependent credit brand-new yes so Karen let's give them a few details on each type credit let's go ahead and look at the child tax credit first well the child tax credit is a credit up to two thousand dollars for each child you have that's age 16 or under okay and this credit can actually reduce your tax to zero but not below right and it's been greatly expanded or the new tax laws for higher income individuals absolutely there gonna be a lot of higher income individuals we're talking income ranges from seventy five to two hundred thousand that previously phased out they wouldn't actually qualify for the credit they're gonna actually get the credit now and that's going to be huge for them and you have to have a social security number to qualify for the credit mail absolutely you must have a social security number well Karen our next type credit was the additional child tax credit how does it work well that means that it's refundable you can get up to fourteen hundred dollars for each child you have age 16 and under so that means that you could get more than you owe in tax absolutely in other words it's refundable that means you get it as part of your refund correct and which is huge but what you've got to understand is the child tax credit and the additional child tax credit work together in other words if you've already used this fourteen hundred dollars under the child tax credit this is not in addition to it this this is even though it says additional once you use the first fourteen hundred you've actually used this up okay and you have to have a social security number to qualify for this credit absolutely McCarron the other one is the other dependent credit and this was the one that's brand-new what it's operated up to $500 per dependence that you claim on your tax returns that are not eligible for the child tax credit okay so above it had to be age 16 or under alright so maybe it's a child that you've got that's 18 or is the child is in college or maybe it's your parent all those people are going to actually qualify for this.

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