Form 1040 (Schedule 8812) for Franklin Ohio 2024-2025

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

Filing Credits Line 20 shows the child's earned income tax credit for the current tax year, (if applicable) and line 22 shows the child's earned income tax credit for the calendar year. (The calendar year of a child's income is usually in January.) Schedule 8812 is used for line 22. But, if the child has been a resident of the United States for 3 or 5 calendar years, the child's earned income tax credit (ETC) is calculated based on the child's income during that period. Line 24 shows the child's self-employment tax credit. Line 26 shows the employer-provided educational credits (EFC) that the child has. If the EFC on the child's return was 1.00 or more, Line 26 shows that portion of the EFC. If the EFC on the child's return was less than 1.00, Line 26 shows that portion of the EFC included in the self-employment tax credit. It may make a difference if the amount of the self-employment tax credit exceeds the amount of the EFC for part of the year. However, the line for line 26 does not show any EFC if the self-employment tax credit was not claimed during a year. (Note that the line on the child's return for EFC may have been the first line in a Form W-2, with which a tax liability on this part of the self-employment tax credit is reported.) If you have been able to claim a tax credit on a tax return for a child, and you have not filed a claim (Form 1040, line 20) for the child's EFC, you can still claim this amount in the year the child's income was included in a credit or refund but not claimed in a return. Instead, the amount of the child's EFC would go on line 21 of Forms 1040. Line 29 shows the child's housing credit (IRC 48) for the year. Line 30 shows the net operating losses (Vols) for the year. If the child did not claim an earned income tax credit, line 23 is shown. If the child claimed an earned income tax credit, line 23 could be changed to a line that covers less of the earned income tax credit in the child's return. If the child itemizes, line 22(b) would show the Vols and housing amount for the year covered by the Vols.

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