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Vista California online Form 8812: What You Should Know
You need to complete both the income tax return and the tax return part. But in a typical case, you'll only complete the income tax return part by completing the Form 8655(E) and the Form 1040. In most cases, the Omitting Schedule 8812 is completed when filing by mail. If the total amount you owe is less than 1,000, you'll owe nothing. If the total amount you owe is between 1,000 and 20,000, you'll owe the difference in additional child tax credit, which is an increase of 2,000 as a percentage of the tax you owe. If you owe more than 20,000, you'll pay the additional child tax credit the same as you would if you'd filed a regular tax return. Learn more about the tax credits to help families with children. AFFORD A CHILD TAX CREDIT : AARP explains your options with respect to the federal additional child tax credit. Do I get a full credit for my 2,000 credit? You'll get a full credit for your 2,000 in credits. Do I have to itemize deductions? No, you can claim an optional deduction of up to 2,000. You can itemize your deductions on Form 8863 and get this amount on your return, but you'll need to do it by May 16. You can claim the full credit during your tax return filing season for the tax year you claim the credit. It's important to know that the total credit is reduced by the amount of any non-refundable expenses. If the amount of additional child tax credit that you claim equals or exceeds 30 percent of your adjusted gross income, you'll have to file a Form 706.2 to receive a tax refund. Taxpayers can get a full refund of any unused federal credit, but they must make sure to file for a refund before the January 15 due date. What information should I report on Schedule 8812? The information you should submit with your tax return includes: The date of the payment or gift The amount of any other item you received that year Any amount you paid in other tax years with respect to any amount you claimed on line 31 of Form 8863 What types of taxpayers should be exempt from claiming the federal additional child tax credit? You shouldn't include this credit with other itemized deductions you claim.
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