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886-h-dep 2024 Form: What You Should Know

Dependency status. Signature. Date of the return filing. IRS 866-H-EPT (February 12, 2018) A dependent's return if the individual(s) qualifies for the Earned Income Tax Credit. This tax credit provides up to 3,000 in tax benefits to an individual with two or more qualifying children who are 18 years of age or younger. To file for this deduction, an individual must meet all the following requirements: Individual must be married and file joint tax return. The filer must maintain a household in which at least one individual (the dependent) is either the filer's spouse or child and the taxpayer has income that qualifies the filer to have the credit. The dependent can be either a child of the taxpayer who is a full-time student, an adult child of the parent filer who is enrolled full time in a higher education institution, or an adult child who is dependent on a parent for support, such as a spouse or child of the filer. The parent filer must be filing a separate tax return. If the filer has a dependent who does not qualify for the credit, the child (i.e., dependent of a dependent) must have the same amount of qualifying income (without regard to the tax filer's tax bracket or marginal tax rate). The dependent must reside in a household where at least one individual meets that criteria. The dependent must be under the age of 18 years. The filer need not meet the full tax filer age test (in the case of a non-student filer) or the full income test (in the case of a student filer). However, either one must still meet the eligibility requirements. Eligible dependency deduction amounts are adjusted annually based on inflation, and a dependent must also qualify for the same credit at the same reduced dollar amounts as his or her parent. The filer does not qualify for the credit if the dependent does not meet all the criteria, including the criteria of the parent filer. For more information, see my blog entry on Dependents Not Eligible for ETC I recently received this message from a reader: “This tax credit will no longer be available on January 1st.” Is this true? Yes. Effective for tax year 2020, the Earned Income Tax Credit (ETC) will no longer be available for individuals unless they meet all the eligibility requirements described above.

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