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Form 8812 For Austin Texas: What You Should Know

June 15, 2023 — With the extension, the deadline increases to this date, plus five years. The June 15 deadline is the only date on the IRS child tax credit calendar that the first 400 credit can be claimed. The June 15 deadline is the only time on the calendar for the extended calendar that the first 400 credit in any tax year may not be claimed. (For example, if the first 1,000 of credit is claimed, it is not available to be claimed later.) The June 15 deadline is only for the first 400 or portion, whichever is less, claimed on the following tax year. An extended calendar year would need to be used to claim a second 400 credit on a tax year beginning after the June 15 deadline. A taxpayer cannot claim that credit in a year that begins with the June 15 extension. In that case, an extended calendar year would need to be used to claim the credit for the rest of the tax year. The June 15 deadline is the last and easiest deadline to claim the credit. Example:  You have 1 child and a married spouse. He made 50,000 last year (2017). He made 3,000 (2017) because of the child tax credit. The child tax credit is phased out for each 1,000 of adjusted gross income above 60,000 for 2017. So he makes 45,000 (2017) from 60,000 (3,000). There are 5 kids, 4 of which are younger than 18. Your taxable income is 70,000. You cannot claim 400 or any part of the child tax credit this year. You also cannot claim the credit on your next year's tax return. If you are required to file a tax return for 2023 and your 2023 adjusted gross income for the year exceeds your child tax credit threshold, you can receive a refund after you file your tax return for the year. But if you use advance payment of tax in 2018, refund amounts received before the end of the year won't be credited back to your 2023 tax return because, as explained before, advance payments are not tax credits until credits are used up. A taxpayer cannot claim the credit in a year that begins with the June 15 extension. In that case, an extended calendar year would need to be used to claim the credit for the rest of the tax year.

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