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Antioch California online Form 1040 (Schedule Eic): What You Should Know

If you don't use an EIC Worksheet, refer to Form 6166, Form 6821, Form 941, or Form 940, Schedule I-20 (Form 1040), and Form 3903, for guidance on how to calculate the EIC. When to Use Schedule EIC: For information on using the EIC, refer to IRS Guide 2014-54, Publication 541, IRS “How To” Booklet, EIC, and IRS “How To” Publication 529, “How To Use the EIC.” The EIC is computed based upon the applicable poverty guideline. The minimum credit that applies to each qualifying child is the greatest of 5 percent of the amount of gross income derived from both the child's and the taxpayer's work for the taxable year during which the credit is claimed. Example: A couple has no qualifying children. In the tax year 2010, they claim an Earned Income Bonus (EIB) and were subject to the EIC in prior years. The EIB allowed them to deduct 10 percent of the EIB (up to 2,500) but the EIC was not used for any tax year with respect to that EIB. In 2010, the EIB was fully refundable. Thus, the EIC Credit will be fully allowed for the tax year 2023 and all prior year earnings for the EIB must be paid back. Because the EIB credit was fully available for the tax year 2010, the EIC credit has been fully used up for the tax year 2023 and any unused credit for prior years must be paid in full. Schedule EIC (Form 1040 or 1040-SR) — Tax Information For Individuals Filing Status — How to File • Individual • Schedule A (Form 1040) • Schedule C (Form 1040) • Schedule D • Form 8863; Form 706; Form 8809; Form 8862; or Form 8938 • Married filing jointly and the head of household How to Use Earned Income Credit • Earned Income Credit — Supplemental Information • Earned Income Credit Form 2106 (PDF). • Earned Income Credit Worksheet.

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