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

EIC Credit, IRS To claim the EIC credit for the tax year, you must claim the credit on Form 1040 as an Additional Child Credit. The filing requirement applies to any child who is under 16 years of age. In order to claim Earned Income Tax Credit for the last year of tax liability, the credit should be claimed within the first three years of income. This tax credit is phased out starting at a refund of over 3,000 in earned income received in the year. It is phased out in the last tax year that the EIC is claimed. CAL CERTIFICATION REQUIREMENT In order to receive any of the benefits of the earned income tax credit (ETC), you will need to submit evidence that the family member is qualifying on Form W-2 and meets other filing requirements. The ETC is considered to be a tax credit under the Earned Income Tax Credit Act of 2008. If you don't follow the steps above, you will not be able to file or claim an ETC and you may not receive any of the ETC benefits. The Earned Income Tax Credit and Young Child Tax Credit Apr 28, 2024 — California's Young Child Tax Credit is a refundable Earned income Tax Credit that provides a tax credit to children under age 18 for qualified medical expenses that are out of pocket for children in those same tax years. The Earned Income Tax Credit is a refundable tax credit. Any taxpayer who claimed this credit on an income tax return during the tax year may claim it on a return for subsequent tax years if needed. The credit provides a tax credit for qualified medical expenses that are out of pocket of a qualifying child under age 21 in the qualifying child's tax year. You may be able to claim the Young Child Tax Credit if you (a) qualify for the earned income tax credit and (b) have a child eligible for medical care under Chapter 7 of the Social Security Act or under a Federal Public or Indian Health Service Program. The Earned Income Tax Credit is subject to the Federal Poverty Guidelines. For more information on the Young Child Tax Credit, including a full list of the qualifying medical expenses, contact your tax return preparer. California's Young Child Tax Credit • The tax credit for a child under 18 is reduced by the amount of the refundable Earned Income Tax Credit.

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