IRS Publication 972 2020-2024 free printable template

Publication 972 is required to be filed by individuals who are claiming the Child Tax Credit or the Additional Child Tax Credit.

Publication 972, Child Tax Credit, is intended to help taxpayers understand the rules for claiming the Child Tax Credit, Additional Child Tax Credit, and the credit for other dependents. It provides an overview of the credit, how to claim it, and other relevant information.

The deadline to file Publication 972 in 2023 is April 15, 2024.

Publication 972 is a tax form related to the child tax credit. The penalty for filing this form late is 5% of the amount of the credit claimed, up to a maximum of $50.

Publication 972 is a document published by the Internal Revenue Service (IRS) in the United States. It provides information and guidelines for taxpayers who have dependents and/or are eligible to claim the Child Tax Credit. The publication explains who qualifies as a dependent, how to determine the taxpayer's filing status, how to calculate the child tax credit, and various other related topics.

To accurately complete the IRS Form 972, you need to follow these steps: 1. Obtain a copy of Form 972: You can download the form from the IRS website or request a copy by mail. 2. Understand the purpose of the form: Publication 972, also known as the Child Tax Credit, is used to determine if you are eligible for the Child Tax Credit and to calculate the amount you can claim. 3. Gather the necessary information: Collect information related to the child you are claiming the credit for, such as their name, Social Security number, and relationship to you. Additionally, gather information about your income and potential credits, if applicable. 4. Complete Part I: In this section, provide your personal information, such as your name, Social Security number, and filing status. 5. Complete Part II: This section is used to determine if you qualify for the Child Tax Credit. Fill in the required details about your qualifying child, including their name, Social Security number, and relationship to you. 6. Complete Part III: Here, you need to provide information about your earned income for the year and any additional credits you may be eligible for, such as the Additional Child Tax Credit or the Credit for Other Dependents. 7. Calculate the credit: Use the provided worksheets in the publication to calculate the amount of your Child Tax Credit. Ensure you follow the instructions carefully to avoid errors. 8. Double-check and sign: Once you have completed all the necessary sections and calculated the correct amount, review your form to ensure accuracy. Finally, sign and date the form. 9. Keep a copy: Before submitting the form, make a copy for your records. 10. Submit your form: Send the completed and signed Form 972 to the IRS using the address specified in the instructions.

Publication 972, also known as the Child Tax Credit, provides information on claiming the child tax credit on your tax return. The publication covers various aspects related to eligibility, amount, and requirements to claim the credit. Here are some specific information that must be reported on Publication 972: 1. Qualifying Child Information: You must report details about each qualifying child, including their name, relationship to you, Social Security number, and date of birth. 2. Child's Address: If the child did not live with you for the entire year, you need to report their address and the number of months they lived with you. 3. Relationship: You need to specify your relationship with the child, such as son, daughter, stepchild, foster child, etc. 4. Identification Number: You need to provide your own Social Security number or Individual Taxpayer Identification Number (ITIN) on which the credit will be claimed. 5. Filing Status: You must indicate your filing status, such as Single, Head of Household, Married Filing Jointly, or Married Filing Separately. 6. Income Information: Publication 972 requires reporting your modified adjusted gross income (MAGI) and earned income. Some additional details about investment income and certain tax-free benefits may also need to be reported. 7. Calculation of Child Tax Credit: The publication provides a step-by-step process to calculate the amount of child tax credit you are eligible for, based on your income and number of qualifying children. 8. Other Credits: You may need to report any other nonrefundable credits you are claiming, as the child tax credit interacts with certain other credits. Please note that the specific requirements and reporting may change from year to year, so it is important to consult the most recent version of Publication 972 for accurate information.

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