You will have to provide the information to the IRS to claim certain credits after the disallowance form. Form 8862 TurboTax is only applicable to the American Opportunity Tax Credit (AOTC), Credit for Other Dependents (COD), Additional Child Tax Credit (ACTC), Child Tax Credit (CTC), and Earned Income Credit (EIC). If you had claimed these credits in the past and your request was denied or reduced, and you are applying for the same credit this year, you will need IRS form 8862 TurboTax.
IRS form 8862 TurboTax is also known as Information to claim certain refundable credits after disallowance. You need to know about the 8862 form Turbotax filing process and the problems you may face when filing taxes. The blog also includes all the required information related to the 8862 form. Go through the blog and follow the steps below to add and file form 8862.
What Is The Earned Income Tax Credit?
The EITC is a type of credit that can increase your fund or reduce the tax amount. If you are a qualifying taxpayer, you might get over $6,600. It provides a larger refund or substantial tax reduction. In short, earned income tax credit is a refundable credit, and you will get the credit with your tax refund. If you are not qualified for last year’s EITC, you might be qualified for this year. In short, you need to fulfill the EITC requirement to fill out the form 8862 TurboTax.
Are You Qualified For The Earned Income Tax Credit?
If you are a working professional and your income is low to moderate, you can meet certain qualifications. First, ensure that you are qualified to fill out the TurboTax form 8862. Here is the list of all factors:
Form 8862 TurboTax: Filing Status
You are only qualified if your filing status is:
- Married filing jointly
- Qualifying Widow,
- Head of Household
8862 Form TurboTax: AGI or Earned Income
Your adjusted gross income and earned income should not exceed the mentioned amount in the table for the form 8862 TurboTax:
Claimed Childrens or Relatives
(if filing as Single, Widowed, or married, file separately)
(If filing as married, filing jointly)
|0||$ 21,430||$ 27,380|
|1||$ 42,158||$ 48,108|
|2||$ 47,915||$ 53,865|
|3 or 3+||$ 51,464||$ 57,414|
Form 8862 TurboTax: Earned Income
You should have earned income from
- As an employee
- Operating your business
- A long-term disability pay
- Benefits from union strike.
8862 Form TurboTax: Other Qualifications
Additional qualifications for form 8862 TurboTax are mentioned below:
- You should be a U.S. citizen
- You, your spouse, and your dependent child must have a Social Security number
- Have less than $10,000 of investment
- Should not have filled out a form 2555 or 2555-EZ
- Must have a qualifying child living more than six months with you.
Form 8862 TurboTax: If You Are Filing Jointly Or Not Claiming Any Children.
Fulfill the following requirements:
- Must be at least 19 years old
- The minimum age for homeless youth or former foster is 18
- At least 24 years old for students
- You can not be claimed as a dependent or child on anyone’s return.
Steps To Add The Form 8862 TurboTax
Here are the steps to fill the form 8862 on TurboTax tax preparation & tax filing software:
- Firstly, launch the TurboTax software
- Secondly, sign in to your TurboTax account
- After that, navigate to the left window of your screen
- Then, choose the Federal option from the menu
- Moreover, go to the right side of the window and tap the Search icon
- After that, enter form 8862 TurboTax in the search field
- Then, hit the Enter key and search for the form 8862
- Tap the Jump To 8862 option from the search results to go to the 8862 section
- After that, go to the Deductions & Credits tab and answer the questions accordingly
- Finally, TurboTax will add form 8862 to your account.
Steps To File Form 8862 TurboTax
We are helping you file the IRS form 8862 on the TurboTax tool. You just need to follow the steps given below:
- Firstly, open the TurboTax software and sign in to your TurboTax account
- Secondly, Go to the Federal section and click the Search icon
- Then, type Form 8862 TurboTax and tap the Enter key
- After that, select the Jump To 8862 and tap the Continue option
- Moreover, answer the question and tap the Continue option
- After that, check the box if you have to fill out form 8862 to claim EIC
- Then, tap Continue and click on the Done tab
- Click the icon next to none of these apply option
- After that, click Continue to proceed further
- Then, input the required details in the text field
- Moreover, ensure that you have entered the accurate information
- Finally, tap Continue to complete the form 8862 TurboTax.
IRS Form 8862: Specific Instructions
Form 8862 TurboTax has five parts, and you need to fill out every detail in the 8862 form:
- All Filers
- Earned Income Tax Credit
- Child tax credit or Additional tax credit or Credit for other dependents
- American opportunity tax credit
- Qualifying child of more than one person.
Every filer should fill out part one of the form 8862 TurboTax. After that, you should only fill out the particular credit sections. Ensure that you are not filling out the section you are not entitled to fill. In the final section of the 8862 form, you need to include the children’s details.
TurboTax will do all the calculations for you. You just need to provide answers to the asked questions, and TurboTax will determine whether you are qualified or not. You need to fill out Form 8862 TurboTax to claim credits for this year or the previous year. TurboTax will also calculate the approximate credit that you will receive. If you face any issues while filling out the TurboTax form, consult our experts for a quick solution. MWJConsultancy offers support for accounting software like TurboTax, QuickBooks, Quicken, Sage, Xero, etc.
Frequently Asked Questions
Form 8862 TurboTax allows taxpayers to claim tax credits after reduction or disallowance. It must be included with your tax return. In short, the form will allow you to claim all the credits like the American opportunity tax credit, Credit for other dependents, Additional tax credit, Child tax credit, and the Earned income tax credit.
Part 1 is filled by all filers. Then you should only fill out the details related to particular credit sections. Ensure that you are not filling out the section you are not entitled to fill. Complete the form 8862 TurboTax and add it to your tax returns.
You can add the IRS form 8862 TurboTax to your TurboTax account by these steps:
- Firstly, launch the TurboTax software and sign in to your account
- After that, choose the Federal option from the left menu
- Moreover, tap the Search icon and type form 8862 in the text field
- Then, press the Enter key and click the Jump To 8862 option
- After that, navigate to the Deductions & Credits tab
- Finally, answer all the questions to add form 8862 TurboTax to your account.
Here are the steps to file form 8862 TurboTax on your account:
- First of all, add the IRS form 8862 to your account
- After that, fill out the details
- Then, include the form with your tax returns
- Moreover, complete the form, and you do not need to sign the form
- Finally, mail it to the specified address or file the Form 8862 TurboTax electronically.