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KS online Form 1040 (Schedule Eic): What You Should Know

The Form 1040 you file must be filed by January 31, 2022. You can use this schedule to figure the credit by filing if you use an electronic filing system (e-return) or your paper returns are submitted in paper form. The amount of the credit is the earned income less the child tax credit. For example, if you earned 5,500 that year, the ETC would be due 1,250. A 7,500 credit would be 700. However, if you earned income of 10,000, the ETC would be due the full amount of 7,500 (10,000 minus 7,500), not 700. Because the earnings are lower than 7,500, the amount of credit is calculated as the least of the Earned Income Credit amounts. Example 1. You were required by an employer to file Form 1040 or Form 1040A. You earned 10,000 in 2024 and had no other income or deductions. Your total 2024 Earned Income was 5,500. Enter the Earned Income Credit amount that you would receive in this case if you had filed Form 1040 and did not use the earned income credit. If your earned income was 6,000, and you received the Earned Income Credit of 750 for that year, you would have a credit of 1,500 (i.e., your 6,000 earned income would have been 6,000 – 750 = 2,500 total). 1,500 – 750 = 1,000. Enter the 700 amount you received for the child tax credit on line 65 of Form 1040 as negative 3(c) in box 3 of Form 1040. How to Use the Schedule EIC with the Child Tax Credit: The Earned Income Credit will not reduce the amount of the child tax credit. However, if a taxpayer files both a Form 1040 and a Form 1040A, both of which are e-filed, one of the two forms will also be e-filed. Therefore, you must use all the income amounts or deductions included on the electronic e-file. The Earned Income Tax Credit, or ETC, is refundable if the earnings or other income are less than the credit amount.

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