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Taxpayers complete Form 8862 and attach it to their tax return if: Their earned income credit (EIC), child tax credit (CTC)/additional child tax credit (ACTC), credit for other dependents (ODC) or American opportunity credit (AOTC) was reduced or disallowed for any reason other than a math or clerical error.
Why would someone be disallowed earned income credit?
If the IRS determined a taxpayer claimed the credit(s) due to reckless or intentional disregard of the rules (not due to math or clerical errors) the taxpayer cant claim the credit(s) for 2 tax years. If the error was due to fraud, then the taxpayer cant claim the credit(s) for 10 tax years.
What is form 8962 used for?
Use IRS Form 8962 to find out if you used the right amount of premium tax credit during the year. Use the form to compare the advance amount you use to the amount you qualify for based on your final income. If you used too much, youll repay it via taxes. If you used too little, claim the difference as a credit.
What is the most overlooked tax break?
The 10 Most Overlooked Tax Deductions State sales taxes. Reinvested dividends. Out-of-pocket charitable contributions. Student loan interest paid by you or someone else. Moving expenses. Child and Dependent Care Credit. Earned Income Tax Credit (EITC) State tax you paid last spring.
Why do I need to file form 8862?
You must complete Form 8862 and attach it to your tax return to claim the EIC, CTC/RCTC/ACTC/ODC, or AOTC if both of the following apply. Your EIC, CTC/RCTC/ACTC/ODC, or AOTC was previously reduced or disallowed for any reason other than a math or clerical error.
Related Searches
Tax credits for single person with no dependentsForm 8862List of refundable tax creditsTax credit exampleWhere to send Form 8862 to IRSIRS Form 8862 instructionsHow long does it take to process Form 8862What does a partially refundable tax credit mean
People also ask
How to get the full $2500 American Opportunity Credit?
To claim the American opportunity credit complete Form 8863 and submit it with your Form 1040 or 1040-SR. Enter the nonrefundable part of the credit on Schedule 3 (Form 1040 or 1040-SR), line 3. Enter the refundable part of the credit on Form 1040 or 1040-SR, line 29.
Why is the IRS asking me for form 8962?
For tax years other than 2020, if you have APTC in any amount, you must file a Form 8962, and attach it to your federal income tax return for that year. You will use Form 8962 to reconcile the difference between the APTC made on your behalf and the actual amount of the credit that you may claim on your return.
What is the 8862 form for Turbotax?
Form 8862 is used to reclaim certain tax credits (like the Earned Income Credit) that were previously denied. If your credit was disallowed for reasons other than a math or clerical error, and you now qualify, youll need to file this form to claim the credit again.
Related links
What to do if we deny your claim for a credit
You must include Form 8862, Information to Claim Certain Credits After Disallowance with your next tax return.
FORM NC-4EZ - You may use Form NC-4EZ if you plan to claim either the. N.C. Standard Deduction or the N.C. Child Deduction Amount (but no other. N.C. deductions)
If you meet the condition given in the TIP at the end of your Child Tax Credit Worksheet, use Form 8812 to see if you can take the additional child tax credit.
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