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AK Form 8812: What You Should Know

This year, the 2023 tax year's tax law changed the child credit and made it much better. The changes are expected to provide substantial tax relief for low- and moderate-income child tax preparers who prepare and file Schedule F or Schedule E tax returns.  What are the new rules? — Turbo Tax Tips & Videos Aug 20, 2023 — For 2019, a small business owner with a single parent filing one of these schedules is eligible to choose to receive the business income tax credit instead of the standard deduction. The business income credit is not available for a married couple filing a joint return. What's not changed? — Turbo Tax Tips & Videos Apr 6, 2023 — A single mother with one child is also eligible to receive the 4,000 tax credit for that child.  Instructions for Schedule 8812, Additional Child Tax Credit (Form 1040 (Schedule 8812) — Internal Revenue Service (U.S.A.) Mar 21, 2023 — For 2018, child tax credits can no longer be used to reduce your tax liability.  What's not changed? — Turbo Tax Tips & Videos Mar 14, 2023 — Child tax credits are not available as a deduction on your taxable income for 2018. Taxpayers can use the standard deduction, personal exemption (with a combined standard deduction of 4,050 in 2018), and dependent/family tax credit amounts to claim the child tax credit. Also, you can no longer use the Child Tax Credit to reduce your taxable income on your 2023 return. What's not changed? — Turbo Tax Tips & Videos Feb 7, 2023 — If you use Schedule E (Form 1040), Schedule A (Form 1040EZ), or Schedule FF (Form 1040) to report taxable income, you are no longer permitted, for 2017, to include income you received from your spouse or dependents for 2023 by using the Additional Child Tax Credit (Form 1040). The credit is considered to be “qualified” income subject to the limit on the amount of tax-free income used in determining your modified adjusted gross income. (See below) You cannot use the additional child tax credit to reduce taxable income (including your modified adjusted gross income), even to the extent it is not subject to the 4,000 child credit limits. In some cases, the additional child tax credit does not apply to you since you receive less than 4,000 of qualified income.

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