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Video instructions and help with filling out and completing Form 8862 2022
Every one today I wanted to go over the qualifications for the Earned Income Credit when you have one or more child whether married or single there are a total of five steps we will need to go over although my primary focus is for those with w-2s only I will briefly go over step two each step will have a few questions and based on your answer you'll be able to figure out if you can take this credit or not let's get started step one is to figure out if you even qualify there are three different scenarios depending on how many children you have in your filing status so depending on your personal situation you need to find which scenario fits when you figure out which scenario fits your life you want to then look at the income requirements if you made more than the numbers pictured according to how many children in your filing status you cannot claim this credit next you want to make sure that you have a valid social security number if your Social Security card states not valid for employment you cannot take this credit if it states valid for work only with DHS authorization or if it's blank then you can continue if your filing status is married filing separately you cannot take this credit no matter how many children you have if you have foreign earned income you cannot take this credit if you are a non-resident alien in your filing single you cannot take this credit if you are married filing jointly continue to the next step step two is investment income and as I stated earlier my focus is more on those with w-2s only so this section will be brief first you want to add all of your investment income from any 1099 you may have received this goes for interest dividends or barter exchange whichever applies to you if you sold your investments and you had a loss instead of a game do not include that amount if your total investment is more than three thousand four fifty and you are not fouling form 47 97 which is a form relating to sales of business property you cannot take this credit if it's smaller than three thousand four fifty then let's continue step three qualifying child now when you are claiming a child you want to make sure that the child khalaf eyes for this credit as well they would have to be one of the relatives listed next they would have had to be one of the three 19 or younger a college student who is twenty four or younger or permanently and completely disabled the dependent you are claiming cannot be married and they would need to have a valid social security card lastly they would have had to live with you for at least half the year step 5 this step is calculating your total earned income from various income sources if.