Schedule 8812 Irs
Introduction
As a parent, you know that raising children can be expensive. Thankfully, the IRS has a tax credit available for parents called the Additional Child Tax Credit (ACTC). To claim this credit, you need to fill out Schedule 8812 along with your tax return. In this article, we’ll go over what Schedule 8812 is, how to fill it out, and answer some commonly asked questions about the ACTC.
What is Schedule 8812?
Schedule 8812 is a tax form that is used to claim the Additional Child Tax Credit. This credit is for families who have a child or children under the age of 17 and have already claimed the maximum Child Tax Credit. The ACTC is refundable, meaning you can receive a refund even if you don’t owe any taxes.
Personal Experience
Last year, my wife and I were able to claim the Additional Child Tax Credit for the first time. We have three children under the age of 17, and the credit was a huge help in offsetting some of the costs associated with raising them. We were able to receive a refund of over $1,000, which we used to pay off some bills and put into savings.
Events and Competitions
There aren’t any events or competitions associated with Schedule 8812, but it is important to know that you must claim the credit on your tax return by the filing deadline (usually April 15th). If you miss the deadline, you won’t be able to claim the credit for that tax year.
Schedule Guide
To fill out Schedule 8812, you’ll need to have some information about your child or children handy. This includes their names, Social Security numbers, and dates of birth. You’ll also need to know the amount of Child Tax Credit you claimed on your tax return. The schedule is broken down into three parts:
- Part I: Additional Child Tax Credit
- Part II: Child Tax Credit and Credit for Other Dependents
- Part III: Additional Child Tax Credit and American Opportunity Tax Credit
Part I
Part I is where you’ll calculate your Additional Child Tax Credit. You’ll start by entering the total amount of Child Tax Credit you claimed on your tax return. Then, you’ll need to calculate the amount of your credit by multiplying the number of children you have by $1,400. If the amount you calculated is less than the amount of Child Tax Credit you claimed, you may be eligible for the Additional Child Tax Credit. If the amount you calculated is more than the amount of Child Tax Credit you claimed, you won’t be eligible for the Additional Child Tax Credit.
Part II
Part II is where you’ll calculate your Child Tax Credit and Credit for Other Dependents. This part is only necessary if you haven’t claimed the maximum amount of Child Tax Credit. You’ll need to enter the number of children you have, their names and Social Security numbers, and any other dependents you’re claiming a credit for.
Part III
Part III is where you’ll calculate your Additional Child Tax Credit and American Opportunity Tax Credit. This part is only necessary if you’re eligible for both credits. You’ll need to enter the amount of your American Opportunity Tax Credit and any other credits you’re claiming.
Schedule Table
Here is an example of what Schedule 8812 may look like:
| Part I: Additional Child Tax Credit | Amount |
|---|---|
| Total amount of Child Tax Credit claimed on tax return | $2,000 |
| Number of children | 3 |
| Additional Child Tax Credit Calculation | $4,200 |
| Total Additional Child Tax Credit | $2,200 |
Question and Answer
Q: Who is eligible for the Additional Child Tax Credit?
A: Families who have a child or children under the age of 17 and have already claimed the maximum Child Tax Credit may be eligible for the Additional Child Tax Credit.
Q: How much is the Additional Child Tax Credit worth?
A: The credit is worth up to $1,400 per child.
Q: Is the Additional Child Tax Credit refundable?
A: Yes, the credit is refundable, meaning you can receive a refund even if you don’t owe any taxes.
FAQs
Q: Do I need to fill out Schedule 8812 if I’m only claiming the Child Tax Credit?
A: No, you only need to fill out Schedule 8812 if you’re claiming the Additional Child Tax Credit.
Q: Can I claim the Additional Child Tax Credit if I have a child over the age of 17?
A: No, the credit is only available for children under the age of 17.
Q: What if I miss the deadline to file my taxes?
A: If you miss the deadline, you won’t be able to claim the credit for that tax year. Make sure to file your taxes on time to avoid missing out on any credits you may be eligible for.
Conclusion
Schedule 8812 can be a bit confusing, but it’s an important form for families who are eligible for the Additional Child Tax Credit. By following the instructions and filling out the form correctly, you can receive a refund that can help offset some of the costs associated with raising children. If you have any questions or need further assistance, don’t hesitate to reach out to a tax professional.