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Printable Form 8812 Hayward California: What You Should Know

All the rest of the schedules are detailed as blog posts below. Schedule 8812 For Child Tax Credit Schedule 8812 provides an additional credit of 1,000 to households who are claiming a qualifying child as a dependent.  To qualify for this credit, a child must be under 17 years old. The credit is only available for the first 500 of qualifying child tax liability each taxable year.  There are a couple of other requirements, including joint filers and those with multiple qualifying children.  The maximum credit is 1,000 for the first child in a household. This credit is phased-out for each additional qualifying child in the household.  The child must be the youngest qualifying child and live with the taxpayer for at least half the household's month of income (i.e. in the first three months of the year, half of the credit will be taken).  The maximum credit is still a maximum of 500 for the first child per household. The credit will then be reduced by a dollar limit after which no additional credit can be claimed each year.  If there are additional qualifying children, there is no phase-out. There will always be 500 of credit available.  This is not a refundable credit. It is not a credit for the purpose of claiming other refundable credits.  It is a credit for the use of the child tax payment.  The payment will be used for qualified education expenses.  Claiming this credit does not reduce your taxable income. It does, however, reduce the amount of income subject to the 10% additional tax for every 1,000 a taxpayer's modified adjusted gross income exceeds the credit amount. See our “tax return topic tax return topic” post for more details on the use of the credit.  Qualifying child tax credit information How does child tax credit work? The tax credit is based on the first 1000 of a household's child tax liability.  The credit is phased out to 100 for each additional 2,000 in child tax liability.  That means any additional child tax filing requirements are phased out as well. You may have more than one qualifying child.  A qualifying child is a child who is a citizen or resident alien of the United States or the District of Columbia.

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