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Form 1040 (Schedule Eic) for Round Rock Texas: What You Should Know

If you are filing Form 1040 for a spouse or domestic partner, or Form 1040 for an individual other than yourself, you have two tax forms. One is the Form 1040 itself, and the other is the individual's Schedule EIC. Schedule E, or Form 1040 for individual tax returns, includes a separate credit against the earned income tax credit for you. The Form 1040 is the one you should refer to for most tax information. When you are filing Form 1040, you must enter the EIC on the form. This will not only show you who is entitled to earn this credit, but it will also tell the IRS which forms you must fill out separately for each taxpayer. The IRS allows you to fill out Form 1040X for a married couple filing a joint return. Fill out Form 1040X on line 14, which will also tell the IRS that there are two tax forms for the return. Once again, enter the EIC on the form (Schedule EIC) at the same line. The IRS can check your EIC status by visiting. Note: EIC means Earned Income Credit as that term is defined in the child tax credit rules. It is not a separate credit for a separate child.  This article is a summary. For more details see the related IRS Publication 510, titled Individual Tax Rates. Back to top What EIC Credits Do I Get? There are three credits for which you can claim the earned income tax credit(ETC) in one year: • Child Credit for Working Parents (credit amount of 1,000 for each qualifying child (2 children) under age 17)• Child and Dependent Care Credit (tax credit amount of 1,000 per child under 18)• Child and Dependent Care Credit for Individuals with Dependents (parent, child, or qualifying adult of qualifying child under age 19) If you have children (under 18) who are students (or aged 18 or more), you can also claim an education tax credit. See the Education Tax Credit and Publication 529 for more detail. This page on IRS.gov also provides a summary of the credits. Back to top Earned Income Credit — What Is the Earned Income Credit? EIC stands for Earned Income Tax Credit. The ETC is a tax credit of 2,000 per child for a qualifying child under age 17.

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