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Wayne Michigan Form 1040 (Schedule Eic): What You Should Know

The Earned Income Tax Credit provided as part of the tax reform is one of the largest tax breaks in the federal tax code. The Earned Income Tax Credit (ETC) provides extra income to workers with low to moderate incomes, up to 57,000. The ETC is equal to the credit for a family with two adults and two children under 17 and includes a credit of 100 percent for each of those children, even if they are not eligible for the federal earned income tax credit or the American opportunity tax credit(see IRS Publication 505). Earned income is earned income unless there are some significant differences between the income and expenses of the employee and that of the person receiving the tax credit. These items are called “work restrictions,” and they determine how much of the tax credit will be paid. If the employee and the person getting the credit agree that the employee has to work in order to meet the work restrictions, the employee will be considered to have met the work restrictions. Since the ETC is not paid retroactively, the credit will be lost if the student drops out of school and leaves without completing any work hours. The employee and parent should get the signed release from the child's school in writing. The federal child tax credit is limited to 2,000 per kid (see IRS Publication 502, Children's Tax Benefits, and IRS Publication 505, Children's Tax Benefits for more details. Earned Income Credit | FOR Mar 17, 2023 Earned Income Credit (ETC) | FOR; Child Tax Credit Mar 17, 2023 Earned Income Credit | FOR Sep 1, 2023 Earned Income Credit | FOR; Child Tax Credit; American Opportunity Tax Credit (ATC) Sep 15, 2023 Earned Income Credit (ETC) | FOR; Child Tax Credit Work Restrictions | MI-1040H, Schedule of Apportionment (or MI-1035E, Earned Income Tax Credit). The work restrictions under the child tax credit require that the child work at least 100 weekly hours in order for the child to qualify for the credit. Employers are urged to make sure they have enough time to adjust staff levels when the child is no longer taking part in the work restrictions.

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