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Schedule 8812 And The Additional Child Tax Credit: What You Should Know

You are claiming an additional child tax credit, and have not yet filed Form 1040. — See IRS Publication 15 (Circular E) for more details about the Additional Child Tax Credit (ACT). — TurboT ax Oct 1, 2024 — Form 1040, Schedule A, Child and Dependent Care Credit, is being changed to include an additional child tax credit of 2,000 per qualifying child. You need to be aware of: the new schedule, your new federal income tax return and how this new credit will work. — TurboT ax Oct 1, 2024 — In 2017, the Additional Child Tax Credit (or ATC) is increased from 1,000 to 2,000 for taxable years beginning after December 31, 2018, through its scheduled expiration at the end of 2024 (or by the end of 2020, whichever comes first) or for taxable years beginning after December 31, 2019. The amount also  increases in subsequent years (2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028) and phases out entirely at a rate of 1,000 per tax year, beginning with zero in each year thereafter. The 1,000 per tax year phase-out began  on or after November 1, 2024 (or by the end of 2026, whichever comes first). There will be a phase-out period of 15 years; the credit is phased out completely at the tax year zero. At the beginning of the phase-out period, you are considered to have earned a credit equal to 2,000 per qualifying child. After the 15-year phase-out period, you'll only have a Phase-out Credit on the basis of earnings from work. There are other reasons you might want to claim the Additional Child Tax Credit. For example, you might want to take the credit because the cost of your additional child could be over 3,000. You might want to itemize your deductions when you file your federal income tax return because of deductions for medical expenses. IRS Schedule 8812: Additional Child Tax Credit The Schedule 8812 Form is found on Form 1040, and it's used to calculate the additional child tax credit known as the Additional Child Tax Credit (ACT). For  You are claiming the additional child tax credit and also need to itemize deductions on IRS Form 1040.

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