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TN Form 8862: What You Should Know

Tax Tips for Those Disallowed For Credit · If the credit was for the child's qualified expenses, the total cost of the expenses, including any tax credit you may have had, and all other applicable income taxes must exceed 120,000. (If you get a credit for the cost of tuition and fees, you also have to pay state or local taxes as a qualified child.) If the credit was for the child's home improvement expenses, include the cost of any improvements not paid for by the federal government. But keep in mind — you'll likely need the other 40,000 to pay child support, but you may want to save that for the future. · If the credit is not to be applied for as a child, and you or your spouse (or the taxpayer's parent) can obtain a credit for the qualifying expenses incurred before separation, make sure to include in your adjusted gross income the amount of the tax credit disallowed before the child, not the tax credit due. For tax years before 1981, this was the case, and you would have had to reduce your adjusted gross income by the total credit disallowed before you separated (without including the disallowed credit in your income). · If an individual qualifies for the credit without having children, but the credit disallowed during the individual's tax year would have exceeded 120,000, the individual may apply it to the other qualified expenses incurred during the person's taxable year. However, if the individual can get a tax credit after the tax year for expenses for which the credit disallowed during the person's tax year would have exceeded 120,000, you can claim the credit for the amount of the tax credit disallowed during the individual's tax year.

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