Printable Form 1040 (Schedule 8812) San Jose California 2024-2025

Printable Form 1040 (Schedule 8812) San Jose California: What You Should Know

Social Security. What are the new rules? On Jan. 3, the United States Department of the Treasury released this notice: 1) There is now a new child tax credit of 2,000 for a qualifying child, up from 1,000, for 2018. The credit is based on taxable income for the taxable year, not taxable income from the prior year or an individual's previous year's tax returns (this is different from an individual's earned income credit).  2) A credit is not required for the child or qualifying family member who has low income. The credit may be claimed on Form 1040, line 12; Form 1040EZ, line 27, and Form 1040, line 45 or on a Form 1040A, line 30. When filing Form 1040A, the credit is reduced by the amount of the tax-free portion of the child's or qualifying family member's income (Form 1040A, line 30) less 10 percent of the amount of net capital gain included in gross income. 3) The child tax credit is phased out for low-income families with gross income below the federal poverty line. The following table shows the phase-out percentages (from least to most) for households with gross income below the income phase-in threshold: TABLE 1 Income phase-in thresholds for qualifying families Form 1040 and Form 1040-EZ are the official forms to file for tax year 2025 (through Jan. 3, 2021) to claim the child tax credit. All other forms must be completed by Feb. 17, 2018. The deadline is today, so it's a good idea to check your current information now. The IRS is making sure it gets the deadlines right; it may be a good idea to call them and ask.

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