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Form 8862 for Akron Ohio: What You Should Know

The EIC can be claimed as a tax credit (either on your tax return or as an additional line item on Form 1040) of 25% of adjusted gross income (AGI) which is adjusted each year for inflation. The EIC is paid in a quarterly installment in the form of an EIC-2. The tax credit is available beginning in calendar year 2017. If you have income that is sufficient to qualify and claim the EIC, you have the option of claiming the EIC on both the EIC Form 1040 or on Form 1040-EZ. It is important for your convenience that you file Form 1040 and submit it to the IRS, along with your EIC-2, at this time. Taxpayers who have income too low to qualify for the EIC may still be eligible to claim it on Form 1040-EZ for an additional payment of 25% of the amount of the excess income that would make the taxpayer ineligible for the EIC. If the taxpayer is eligible for the EIC and claims the EIC for its entirety, the payment of the 25% is made once. To have the bonus payment made to you when you claim the earned income credit, you must have a Social Security Number or Individual taxpayer identification number (ITIN) (or a valid non-profit identification number from the IRS). Taxpayers may also designate tax returns for payments under the EIC, or for the payment of the bonus payment. This type of filing makes it easier to report the payments to the IRS. If you file Form 1040 for the EIC on a calendar quarter and are eligible to claim it with your income, you will receive a quarterly payment. The amount of the bonus payment, if any, is dependent on the value of the earned income. The amount of the payment will be based on the amount of your EIC. However, if the income of your qualifying child is greater than the amount of your eligible child's income, and if you are an eligible child of the taxpayer filing Form 1040, the bonus payment will be based on the amount that you and not the taxpayer filing Form 1040 would be responsible for paying. If you believe that your payments by Form 1040 will result in increased administrative costs, you should also use Form 2555 to request a reduction to administrative fees and/or interest. The Form 2555 should be filed within 30 days of filing Form 1040-EZ.

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