Schedule 8812 walkthrough (Credits for Qualifying Children and Other Dependents)

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Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.co...
If you'd rather watch the video, here's the link to our tutorial: • IRS Form 8960 walkthro...
If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.co...
Here are links to articles and videos we've produced about other tax forms and schedules mentioned in this video or in the accompanying article:
IRS Form 2555, Foreign Earned Income
Article: www.teachmepersonalfinance.co...
IRS Form 4563, Income Exclusion For Residents of American Samoa
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 4563 Walkthro...
IRS Form 1040-SR, Tax Return for Seniors
Article: www.teachmepersonalfinance.co...
IRS Form 8396, Mortgage Interest Credit
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8396 walkthro...
IRS Form 8839, Qualified Adoption Expenses
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8839 walkthro...
IRS Form 5695, Residential Energy Credits
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 5695 walkthro...
IRS Form 8859, Carryforward of the District of Columbia First-Time Homebuyer Credit
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8859 walkthro...
IRS Form 1116, Foreign Tax Credit
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 1116 walkthro...

[@micahmiller4122]

Life is so much more complex with children!

[@paulathorpe1413]

need a fully work example with all the credits and worksheets ,CTC, ACTC AND EDUCATION FORMS 8863,2441 & 8812

[@teachmepersonalfinance2169]

Author's note: A reader (thank you Scott!) pointed out the mistake I made in Box 20, where i checked the 'Yes' box as to whether the Line 16b amount was $4,500 or more. This should have been a 'No," which would have then impacted the rest of the walkthrough. In this case, it didn't impact the Line 27 result, but please be careful!

[@Mono.The.Disease]

Thank you so much for this!! Very helpful!!

[@Setapartanoited]

Question a simple yes or no ,can you get CTC with no income from w2 ,

[@teachmepersonalfinance2169]

Yes.

[@Setapartanoited]

Thanks 🙏 for replying, what is procedure I know your time valueble,I can donate I did sell vintage collectibles made 4 k also my business didn't do well I coach wrestling free to kids that can't afford club if this can help my family be great , it's joint two kids and we really need it if able to if can help be phenomenal

[@teachmepersonalfinance2169]

@@Setapartanoited I cannot walk through this tax schedule on your behalf, as I do not have enough information to help you out. You should either have a tax professional prepare your tax return (especially if you have a business) to properly calculate your taxes, then ask that person how you can take the CTC on your tax return. If affordability is a concern, you may be able to qualify for an IRS Low-Income Tax Clinic (LITC): www.taxpayeradvocate.irs.gov/about-us/low-income-taxpayer-clinics-litc/

[@Setapartanoited]

Thanks again you are a blessing just the fact in taking time out your day to respond , some don't even do that but you have and may God bless you and your page 🙏

[@jsanchez94816]

How do I tell the finale amount I got back for my child that will be apart of my refund

[@PrecisionMach]

Line 10 is poorly written. It says subtract line 9 from line 3. Ex. 400,000 - 150,000 So. 250,000 for line 10 But you say it's zero because 250,000 does not exceed 400,000. I believe you, truly. But the instructions DO NOT explain it that way! Your thoughts please. Thanks!

[@teachmepersonalfinance2169]

Line 10 is the calculation line for the income-based phaseout for the child tax credit (CTC) and credit for other dependents (ODC). Phaseout calculations almost always appear tricky, but in this case, 0 is a good thing. Having 0 in Line 10 means that your credit is not limited because of high income. Let's imagine that your Line 3 was $500,000 (your income was $500,000). This means that your Line 10 would be $100,000, which might impact your ability to take either credit.