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Form 1040 (Schedule Eic) MS: What You Should Know

Apr 15, 2023 — With a qualifying child or dependent, or If you already filed your tax return and claim the credit, you must file Form 1040, line 21, column (b), or lines 21–23, column (b) — (e), column (e) of Form 1040A. The credit starts to phase out for income exceeding the amount on line 30 of Schedule EIC (Form 1040 or 1040-SR) and it will be eliminated for additional qualifying children if you don't use line 61a. If you've already claimed the credit without a qualifying child, don't use the child section of the form. Enter the child's Social Security Number and income. Form 1040 (Form 1040A). (Form 1040) Fill out & sign: Schedule ICD2, (Form 8919) Fill out & sign: Schedule BTCS2, (Form 8917) Make sure the payment you've sent includes the following taxes: Social Security (SS) tax You've already claimed the EIC with Form 1040; no need to file Schedule BTCS2 to claim this credit. April 6, 2023 — When filing Schedule BTCS2 and claiming the Credit When claiming the credit on Schedule BTCS2, you can't file Form 1040, line 41, column (a). If you haven't claimed the credit on the preceding year's return, you must file your return within 12 months of the close of your taxable year. This applies if you weren't in a valid tax year in 2017. You can't claim this credit in April 2018, July 2018, or December 2023 because of the January 2023 deadline. If you had a tax year ending in a calendar year and claim the credit for the following year, you can't claim it in two subsequent 12 months (April 2023 or April 2020). You can't claim this credit in April 2019, July 2019, or December 2023 because of the January 2023 deadline. Tax return due within 8 weeks January 28, 2023 — When filing Form 1040 or 1040A When claiming the EIC Credit on Form 1040 or Form 1040A, you must pay the tax due within 8 weeks of the return due date. If you have made payments during the tax year that were later than 8 weeks overdue, you must send a late payment statement to Revenue.

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