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Child tax credit 2023 Form: What You Should Know
Jan 12, 2023 — Use this to figure the child and dependent EIC. See the in- structions and see Publication 972 — IRS for more information. Tax Year 2017, Worksheet for Estimating the Child and Dependent EIC.pdf.pdf If you decide not to claim the EIC for your qualifying child, use this worksheet to figure the child tax credit. The child tax credit is based on the child's AGI, family size, number of dependents, deductions, and exemptions. Also, see IRS Publication 972 for more information on preparing the child tax credit and the requirements regarding deductions and other information you need to give to the IRS. You cannot change this worksheet after it is submitted, so keep it handy before you submit your Form 1040. Be sure to include the following information for all of your children: Note. In most cases, the EIC cannot be claimed for more than one child. Example. Two taxpayers (E and S) with two children each who live apart and who file separate returns. The EIC can be claimed for one tax return, but only if each of the children is claimed. See Form 1040, Child Tax Credit. For more information, see Form 2063, EIC For Taxpayers With Multiple Children. Use this worksheet to report the total income from your qualifying child's work. Don't file Forms 1040, 1040A, and 1040EZ with the EIC. The taxpayer who receives the Form 1040, 1040A, or 1040EZ filing with the EIC will have to apply it to the individual's tax return and deduct the full amount. Example. If the EIC is claimed on line 21 of Form 1040, the taxpayer using such a Form 1040A or 1040EZ must include the additional amount on line 8b of Form 1040A or line 8c of Form 1040EZ. This makes it possible for the taxpayer to calculate the child tax credit by simply deducting the amount from his income. Use this worksheet to figure the child EIC using either the “Child Tax Credit Worksheet” (See also Table 1) or other worksheets to figure the EIC. Table 1 shows a “one-person household” with one child. Table 1- Child Tax Credit Worksheet (If using one-person household, add line 22 for all the children) Example.
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