Form 1040 Child Tax Credit for 2011, 2012

Which 1040 Tax Form Should I Use For The Child Tax Credit?

To claim the child tax credit you will need to use tax form 1040A or 1040. This will help you determine whether or not you qualify to claim the child tax credit. The first step will be to check the amount on line 40 of tax form 1040 or line 25 on form 1040A. If the amount listed on either of these lines is 0 then you do not qualify for the child tax credit. You may still be eligible to receive the additional child tax credit.

What 1040 Tax Form should I Use For the Additional Child Tax Credit?

When using either form 1040 or form 1040A you will need to make sure that you fill out the child tax credit worksheet which will come with the tax form instructions. If you do not qualify for the child tax credit and would like to see of you qualify for the additional child tax credit, then you will need to also fill out form 8812. On form 8812, you will check on line 11 and take that amount over to line 60 on form 1040 or to line 38 on form 1040A.

What Information Will I Need For Form 1040?

You will need to provide a name and social security number for each qualifying child that you enter on the tax form. You can potentially have a savings of up to $1,000.00 per child if you fill out the necessary forms at tax time. It will help you reduce your tax liability dollar for dollar. You will not get a refund directly from this credit. You will need to check the box on line 6c, column 4 for each qualifying child that you are trying to take the credit on. If the child is not your dependent then you will need to fill out form 8901.

TurboTax Online offers all of the 1040 tax forms needed to file your tax return. Please visit TurboTax Online to learn more about the child tax credit.