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Concord California Form 8812: What You Should Know

Calculating Additional Child Tax Credits with Schedule 8812 Form 8812 is a single-page sheet of paper that the IRS sends taxpayers to get the forms completed for them.  Schedule 8812 (Form 1040), Additional Child Tax Credit, also known as Child Credit… is used to calculate the additional child tax credits to which you are entitled. These credits, known as the additional child tax credit or ADD-A credit, are a dollar-for-dollar credit against the Social Security, Medicare, or Railroad Retirement tax for children born in a certain tax year.  Each child born in 2023 or later can be awarded up to 2,000 in annual credits. Child Tax Credit, ADD-A Credit, Calculation The child tax credits are equal amounts of: — 2,000 for a head of household filing jointly — 1,050 for an individual living alone — 1,000 for each qualifying child Child Tax Credit, ADD-A Credit, Calculation Example This example accounts for married families filing jointly with two children. If you are married filing separately, follow the below steps to calculate the child tax credit on Schedule 8812: The first step is to figure your child's adjusted gross income (AGI), the amount reported on your federal tax return. In the example, your AGI is 60,000. You reported 20,000 for business and 10,000 in rental income. Your AGI must equal 74,800 in 2023 (your filing status is married filing jointly). The second step is to determine the number of qualifying children. Each qualifying child must be one year old on the beginning date of the tax year for which you are claiming credits and at least 15 months old on or before the beginning of the tax year for which you are claiming the ADD-A credit. You may use this figure to complete Schedule 8812. Third step is the step that's usually used. You report the income you and your children will receive from work or rental income. That is the amount of rent, royalties, tips, bonuses, stock options, and income from any other sources that is to be given as a cash bonus to your children; that is to be withheld from their paychecks; that is to be transferred from one bank account to another.

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