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Wichita Kansas Form 8812: What You Should Know
Since this credit is also referred as the child tax credit, for simplicity's sake we will only refer to it as the 'child tax credit'‡. The Schedule 8812 Form consists of three pages that detail the credit for a single child or a qualifying child if you have more than one qualifying child. This form will also include two pages that contain instructions on how to report the child tax credit on your tax return. The Schedule 8812 Form shows a credit of 3,500 towards the credit for children who are under age 17. The credit is only allowed in the year in which the credit is claimed and the credits phases out over a span of years as follows: Years 0 through 6 Years 7 through 21 Years 22 through 31 So how will your credit apply for the year 2016? For a single parent whose income is 60,000 (as in 2023 or up to 110,000 in 2013) (or less if filing jointly with another family member) In 2023 if The primary taxpayer is not married If the primary taxpayer and a dependent are not the same and the dependent are under 26 and is not enrolled in any school and is not claiming the education credits section at the end of the tax year (as in 2023 or up to 4,000 in 2023 in any tax year if filing jointly with another family member) The child tax credit of 3,500 will be fully phased out by the end of 2019. For a married couple, If both primary taxpayers are in the same tax year If the primary person doesn't claim the education credits section at the end of the year The primary taxpayer must itemize their deductions to determine their net income before subtracting the 3,500 child tax credit.
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