child tax credit worksheet Form

2014 child tax credit worksheet Form: What You Should Know

As my post on IRS Form 1040A points out, the tax treatment of these distributions varies significantly by income distribution from the highest-income family to the lowest-income family. For details, see my analysis of the 2024 form below: 2018 Form W-2 with Earnings in 2024 Taxable Income 2017 Form W-2 with Earnings in 2024 Taxable Income 2017 Form 1040 with Earnings in 2024 Taxable Income When the Child Tax Credit is Calculated Based on the Earnings Level Let's look at examples using the following amounts: Example 1 — Earned Income of 45,000 over 9 years The annual gross income for our example, 45,000 in 2018, is 50,000. The total tax attributable to the child tax credit will be 2,100. Because the Earned Income Credit has a maximum credit of 1,000, that leaves 1,000 in tax. Therefore, all the tax attributable to the child tax credit will be reduced to 810. To determine the child tax credit amount, we subtracted the 810 from the 2024 tax attributable to the child tax credit. Example 2 — Earned Income of 25,000 over 9 years The annual gross income for our example, 25,000 in 2018, is 25,000. The total tax attributable to the child tax credit will be 2,100. Because the Earned Income Credit has a maximum credit of 1,000, that leaves 2,100 in that tax. Therefore: All tax attributable to the child tax credit will be reduced to 770. To determine the child tax credit amount, our subtracted the 770 from the 2024 tax attributable to the child tax credit. Example 3 — Other Income of 5,000 over 9 years The annual gross income for our example, 5,000 in 2018, is 6,000. The total tax attributable to the child tax credit will be 2,900. Because the Earned Income Credit has a maximum credit of 1,000, that leaves 2,900 in that tax.

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