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Alabama Form 8812: What You Should Know

See section 5.2(h). Mar 13, 2022- IRS 2023 Form 8812(b)(1) & Schedule 8812. 5-1. Enter the amount of the credit. A. Child Tax Credit. Enter the amount of the tax on the appropriate line of the form. Enter on line 2 the amount of the credit. The total amount of the credit will be equal to all the income from amounts included for the tax year under (a) through (f). Do not report the total amount of the credit on line 5(d) or on line 6. See also instructions for 2023 Form 8812. Enter your 2023 credit amounts on the appropriate line of Schedule 8812. 6. Earned Income Tax Credit. This income amount is generally taxable at regular tax rates. See question 2 for an example. 7. Credit for the full cost of your home. You may exclude from your income any amount on which you paid more than the following limits for the tax year: The cost of your primary home. The adjusted annual income of 40,000 or more 100% of qualified pension and annuity income (excluding a pension benefit received as a lump sum, interest deduction, or exclusion from gross income). See question 2. 1. In the 2023 Form 1040, enter the total of any tax adjustments shown on lines 7 through 10 and 5(c). 2. Enter the total of any tax adjustments shown on lines 1 through 5 or 10 through 12 of Form 8812. 3. Add the following amounts to the amounts on line 11 of Form 8812. You can choose not to report income adjustments on Form 8812. 4. Include the 4,000 exclusion amounts on line 15 of Form 8812. 5. Deduct the 2,500 exclusion amounts from your 2023 income, including income on which you paid additional tax. See question 5. 6. Add the 2,000 exclusion amounts to the amount on line 14(f) of Form 8812. 7. Multiply the result on line 7 by 2, then add this total to the amount on line 9 of Form 8812. 8. Total all tax shown on lines 7, 8, and 9 on Form 8812 by a multiple of 2,000. 9. Enter the tax and federal income tax consequences as shown on your summary return. To figure the amount of the credit, subtract any exclusion amount from the amount shown on line 6 of Form 1040.

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