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California online Form 8862: What You Should Know
To claim the EIC, you have to complete IRS Form 8862. Once you've completed the form, submit it to the IRS where you need to sign, date, and sign the backside. The EIC is an additional credit to your tax return, you can claim only once. To receive the 3,000 credit for each qualifying child you have, two or more, the child has to also be qualified for an EIC and have earned less than 600 in gross income during or within the tax year. A qualifying child cannot be you, your spouse, the custodian of your child's estate, or a student attending school or a college or university. If you do not file a claim for an EIC but want one, you have until December 31 of the tax year that ends at least 30 days before the due date of your tax return the following year. The credit will automatically be subtracted from your refund and deposited into your EIC account. No tax is paid by the IRS for EIC payments. The EIC is a tax credit, not a refund. The refund can only be used to offset taxes paid for your income from that month. After December 31 of the year (whichever is later) that ends at least 30 days before the due date of your tax return, you can have the remaining EIC credited against all taxes for that tax year, not against the refund of any past refund. If you elect to have the full credit be applied towards your year's tax, then on or around the next tax filing date (for example, April 15 of the following year), the amount of the EIC will only be limited by the amount of money left in your account by April 15. If your refund has increased the EIC balance, you may withdraw this additional amount only to reduce your tax liability, not to add more EIC to be credited over and above the amount you already had in your account. If you are claiming this credit from a refund you received from the U.S. government, the refund amount you receive is taxable as income. You have a deadline to file your claim for EIC. If you have not filed your EIC claim by April 15 of the tax year after the EIC's date of approval, you will not receive any additional credits or refunds from that payment.
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