Form 8862 2022 Printable, Fillable PDF – For low and moderate-income individuals and families, the Earned Income Credit (EIC) is a beneficial refundable tax credit that may help them save money on their taxes. For EICs that were refused or decreased for reasons other than math or clerical mistakes after 1996, you may be required to complete Form 8862 before the Internal Revenue Service will permit you to claim the credit once again.
Requirements For The EIC
- For you to be eligible for the EIC, you must meet a number of requirements:
- You must be a citizen of the United States and reside in the country for at least half the year in order to be eligible.
- You must have earned money for the tax year as well as a valid Social Security number in order to participate (SSN).
- You cannot be a qualified child on more than one tax return at the same time.
The married filing separate (MFS) filing status is not available for usage.
Eligible taxpayers may claim the credit regardless of whether they have a qualifying kid in their household. Taxpayers who do not have a qualifying kid must be at least 25 years old and under 65 years old, and they must not be a dependant or a qualified child of someone else. Income restrictions are also in effect. The Earned Income Credit (Publication 596: Earned Income Credit) provides income criteria for the current tax year.
An EIC Is Scheduled For The Following Days
It is necessary to complete Schedule EIC, which is needed to claim the Earned Income Credit when filing Form 8862 with a qualified child, before filling out Form 8862. A qualified kid, according to the IRS, is defined as the taxpayer’s child, an eligible foster child, or a brother, sister, or descendant of the taxpayer’s child, brother, or sister. Child must be younger than the taxpayer (or spouse if filing jointly) and under the age of 19 or a full-time student under the age of 24, or if completely and permanently handicapped, under any of the following ages: Additionally, the kid must have resided with the taxpayer for more than half of the tax year and not have filed a joint tax return with the taxpayer. If you qualify for the EIC, you may claim up to three qualified children.
If you fall under one of the exclusions, you will not be required to complete Form 8862. In the event that your EIC was refused or lowered because you claimed a kid who was not a qualified child the previous year, and you are claiming the credit without an eligible child this year, you do not need to submit it. If you have previously submitted Form 8862, you will not be required to do so again unless your EIC has been decreased or refused again after the first filing. This means you only need to complete Form 8862 once for each time a credit is denied on your tax return.
Following a disallowance, there is a waiting time before claiming the EIC. The nature of your disallowance will decide the duration of your suspension. If you are found to have acted recklessly or with deliberate disrespect of the regulations, you will be required to wait two years. If it is proven that the disallowance was the result of an attempted deception, the penalty is ten years. If you are e-filing your tax return, you must include Form 8862 with your return. If it is not, the Internal Revenue Service (IRS) may reject your return.
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