Toledo Ohio Form 1040 (Schedule 8812) 2024-2025

Toledo Ohio Form 1040 (Schedule 8812): What You Should Know

If you do not have children, and you are married to someone with children, see Schedule 8812 — “Special Rule for People Other Than Spouses. Schedule 8812 — Additional Child Tax Credit Additional Child Tax Credit (ACE) The Alternative Minimum Tax (AMT) Additional Child Credit Child tax credit Child tax credit: Under current law, the child tax credit is equal to the first 2,000 in excess of the adjusted gross income (AGI) of a taxpayer and qualifying dependents for the tax year. If a taxpayer and a qualifying dependent(s) are married and the taxpayer and qualifying dependent(s) are both age 28 in the first taxable year of marriage, the taxpayer may claim a 1,150 tax credit against those additional taxes. The new law allows taxpayers to claim a 400 credit instead of the 1,150 claimed in the past. A qualifying child is a child of a taxpayer who is eligible for the child tax credit, is a United States citizen, claimed the dependent exclusion, or is the mother or one of her dependent children during the taxable year. A child is a child for the purposes of the child tax credit if the child has not attained age 17, or the child is a “child for whom an individual is enrolled in a higher-education program” but not engaged in substantial gainful activity. Additional child tax credit payments are based on the taxpayer's modified adjusted gross income (MAGI), which is the highest of the taxpayer's adjusted gross income or 2,500, whichever is less. The modified MAGI for taxpayers filing separate returns is 3,000, and it is 2,500 for dependent returns. Taxpayers may reduce or eliminate child tax credit payments by taking the following actions. If the taxpayer's adjusted tax liability for the tax year was 1,800 or less: Pay the credit and reduce or eliminate any prior year child tax credit in the same manner as a penalty for underpayment. Pay the credit and reduce or eliminate any prior year child tax credit in the same manner as a penalty for underpayment.

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