Tax Credits for Families with Children

Lecture Content

Rules surrounding a variety of benefits available to families with children are complex and often confusing. Allowable credits are subject to varying restrictions and may be dependent upon filing status, gross income and other limiting factors. This lecture covers important rules and offers numerous tax scenarios to help clarify understanding of these topics.

Topics Covered

* Refundable vs nonrefundable credits
* Rules for claiming the credit for child and dependent care expenses
* Figuring the amount of childcare expense and completing Form * * 2441 – Child and Dependent Care Expenses
* Rules for claiming the child tax credit
* Definition of qualifying child for purposes of the child tax credit
* Children of divorced or separated parents
* Rules for claiming the adoption credit
* Figuring the amount of adoption credit and completing Form 8839 – Qualified Adoption Expenses
* Earned Income Credit rules for taxpayers without qualifying children
* EIC rules for taxpayers who have qualifying children
* Preparation of Schedule EIC
* Special EIC rules for military/clergy/ disability income
* Reclaiming the earned income credit after denial and requirements for Form 8862
* Due diligence requirements for paid preparers with respect to EIC claims
* Best practices with respect to EIC due diligence rules
* IRS enforcement efforts and penalties impacting tax practitioners
* Rules for claiming the additional child tax credit
* Preparation of Schedule 8812

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