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Form 8812 IN: What You Should Know
Note: You do not need to print Schedule 8812 for the dependents if you do not claim them on your 1040. If you file Form 8812, the IRS can credit all or a portion of the credit to your refund, up to the amount of the credit, which may be less than the income tax you paid. So, for each child listed in Schedule 8812, the IRS can only refund the amount earned in the year. The rest of the credit (up to 13.3% paid) is subject to income tax. The additional child tax credit has a maximum of 2,000 per dependent. The child includes a foster child, adopted child, children living in your family's home, foster children living with your family or adopted children living with you. The additional child tax credit is not part of the child tax credit. It's available for every qualifying child. Foster children and children living in your family's home are the only qualifying children who can claim their own tax credit. This credit is phased out for higher income earners — If your earned income is 62,000 or below, it's 1000 for each qualifying child. You are considered to include your child if you claimed a dependent for that child. A foster child or child living in your home is a dependent who is covered by your spouse's or your own support. You may also claim a dependent if you claim an exemption for him or her to reduce the amount of tax you have to pay. If the child does not live with you or your spouse, you'll have to pay the full child tax credit. If a child has been adopted, he or she is not considered to be a qualifying child for the additional child tax credit. The dependent cannot be the same as yours. For example, your adopted child cannot be your biological daughter. If your child is deceased, his or her tax credit is not paid for purposes of the child tax credit. There is no credit for your dead child. This credit is not part of the child tax credit. It's available for every qualifying child. For all qualifying children, the child tax credit phase-out starts at a higher percentage: 1.5% of the child's earned income below 6,650. If your earned income if 62,000 or below, it's: 15% + 6.
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