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Form 8812 AR: What You Should Know
The maximum credit amount for a single child is 50 percent of the dollar amount of the credit the taxpayer would receive for a child who is 1 year old or less. The first dollar of the credit (that is, the credit's first dollar) is not taxed. If your AGI exceeds the threshold amount, then the credit is reduced for each 50,000 of additional income tax withheld. There are two additional amounts that can be claimed if a couple has multiple children. The first amount is 1/2 the maximum dollar amount of the credit the taxpayer would receive for a child who is 1 year old or less, and the second amount is 50 percent of the dollar amount of the credit the taxpayer would receive for a child who is 2, 3, or 4 years of age. 2021-SA and 2024 Earned Income Tax Credit 2022 IRS Form 1040 (Schedule 8812) Aug 2, 2034 — The IRS will change the tax year in which the Earned Income Tax Credit is treated as earned income. As a result, the Earned Income Tax Credit for the 2024 tax year would be the credit as calculated to the credit for the 2034 tax year. The maximum amount of the increase in the maximum credit that may be claimed is 50 percent of the maximum dollar amount of the increase in the credit that may be claimed for a single person. In addition, the maximum credits that may be claimed for married couples are doubled.
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