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Form 1040-SS online Carrollton Texas: What You Should Know

To figure the amount of ETC for your child, use as a schedule the EIC lines on the Tax Filing Circular. For more information, read the EIC tutorial. The Earned Income Credit is a refundable tax credit. The EIC is refundable even if your child does not file an income tax return. The EIC amount is the amount of the EIC that can be taken without regard to the filing status of the child. The EIC must be taken by the due date(s), and the due date is considered to be the date you file your return (including extensions) with the IRS. The amount of the EIC is reduced by the amount of the child's tax imposed during the year, and may be offset against this income tax owing, if the EIC exceeds your child's federal tax liability. Form 1040: Earned Income Credit. If the EIC is less than 25%, the credit is equal to 5% (or 0.50), whichever is less. If the EIC is 25% or more, the credit (and your refund) is equal to 10% (or 0.80, whichever is less). You must figure the EIC and your earned income tax credit on the same return. Form 1040-C: Qualifying Child. Enter the name and social security number of your child in the 'Other' boxes. Enter a dollar amount of earned income (see Earned income in box 1, or column 1 of Form 1040). This is for all children, regardless of age. Enter the following information on line 21: Qualifying child: Enter the social security number or other taxpayer identification number of the child. The EIC is reduced or offset by the child's income tax. You can't enter the EIC on line 21 if you are married filing separately. For more information, see page 1 in Forms 1040‑C and 1040‑I. Note. The EIC is subject to the 10% additional tax and the net investment income tax. EIC Worksheet for the Earned Income Credit. You can use this worksheet to determine whether your EIC has been fully claimed. If you have not claimed your EIC, you can use the chart that is on page 2 in the Guide to Deducting Child Credit and Additional Child Tax Credit. Otherwise, you can use the Worksheet for Earned Income Credit. Earned Income Credit.

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