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Form 1040 (Schedule Eic) Minneapolis Minnesota: What You Should Know

You will pay an extra tax payment for the first 6,000 of earned income. This is called the earned income credit tax credit. This credit helps to reduce the amount of tax you owe if you earn income at different rates. For example, a single taxpayer with no dependents paying 25% Federal income tax who makes a qualified dividend payment of 50 might owe an extra 6% tax if the payment is less than 1,049 (5,049 minus 250 tax). Your extra tax payment, not included in the amount of tax you owe under the earned income tax credit for a single taxpayer paying 25% Federal tax, is called the non-taxable earned income credit on line 20. See section A of this guidance. • Don't claim any refundable tax credits. You will owe no tax if you make a payment of more than 1,000 to any qualified charity. Qualifying Child Information • The earned income credit is refundable. When you file Form 1040 (as a single person), you may claim as a refund a tax withheld on your income tax and social security return. For tax years beginning after November 15, 2014, all taxpayers who received a refundable tax credit for 2013, 2014, or 2023 have a period of 90 days from the date of their refund to claim it as an additional tax claim on Form 1040 (former Form 1040). If you cannot claim your refund because: You filed a return for this tax return; Your refund has not had to be included in your income; Your return is in the mail; or The last day for you to file a claim for a refund is before 1:00 p.m., Eastern Time of the filing year, you can file an amended return instead of filing a Form 1040. Do not use Form 1040 as the source of information to claim your refund if the first tax return you filed is for one or more prior tax years. Do not use Form 1040 as the source of information to claim your refund if the tax return for the first tax year you filed was for another tax year. Earned Income Credit Form 1040 and Form 1040A can be used to figure earned income tax credit or additional child tax credit based on a qualifying child. The credit is calculated on the amount of the child's gross income more than 800.

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