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NY Form 8812: What You Should Know
Filing the tax return for this credit is optional — or not necessary if the tax bill is less than 1,050,000, or one qualifying child qualifies for the credit. The filing status or filing status of the qualifying child is married filing separate, Single, Filing Jointly, Married, filing separately or Married, filing jointly If you qualify for the child tax credit, follow through with the necessary tax forms and information. How to Claim the Additional Child Tax Credit Use the Additional Child Tax Credit calculator to figure your 2023 annual tax credit and learn about additional child tax credit eligibility. Make sure to include the following in the calculation: Filing status/filing status of the qualifying child Family size (if no qualifying child or one qualifying child qualifies) Family size (if the qualifying child lives with the taxpayer) Credit amount per child For your 2023 tax return, use the Child Tax Credit Calculator to figure the amount of additional child tax credit that you will receive based on the information you have provided. What if I Don't Have a Low-Tax Housewife If you don't have a low-tax wife and can't decide which credit to claim, go for the credit for your own qualifying child. If there are no other children at home, just claim your annual child tax credit. Note: This is not a choice whether to claim the federal credit for your own qualifying child or claim the tax credit for your qualifying child. You must claim both. Your child qualifies the annual child tax credit amount. The amount of the credit is equal to 50.35% of the child's adjusted gross income, less any non-refundable credits you claimed for that child. How to Claim the Federal Credits for Your Qualifying Child You will receive a Federal Tax Credit of 1,000 (or 2,000 for joint filers) for your qualifying child under age 17, as long as you have an adjusted gross income equal to at least 1,050,000. If you don't have an adjusted gross income, you don't qualify for the Federal Credit.
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