If you are looking to claim the EIC, CTC, RCTC, ACTC, ODC, or AOTC on your tax return, you must complete Form 8862 and attach it to your return to meet certain criteria.
What is Form 8862?
Form 8862 is a tax form used to claim the Earned Income Credit (EIC), the Child Tax Credit (CTC), the Additional Child Tax Credit (ACTC), the Retirement Savings Contributions Credit (RCTC), the Other Dependent Credit (ODC), and/or the American Opportunity Tax Credit (AOTC). To file Form 8862, you must meet certain criteria. For example, if your credit was reduced or disallowed for any reason other than a math or clerical error in the past, you must now file Form 8862 if you meet the requirements and want to take the credit. Exceptions are made for certain cases. You can also use Form 8862 if you need an ITIN instead of an SSN to claim the CTC, RCTC, ACTC, ODC, or AOTC. If you need more space for an item, you can attach a statement with your name and SSN (or ITIN) to the end of your return.
IRS Form 8862 – Who Needs to Fill It Out?
Individuals filing a IRS Form 8862 must do so if they have had their Earned Income Credit, Child Tax Credit, Additional Child Tax Credit, Adventurer Credit, Other Dependent Credit, or American Opportunity Tax Credit reduced or disallowed for any reason other than a math or clerical error AND they now meet all the requirements for it. Individuals with an individual taxpayer identification number (ITIN) instead of a Social Security number may use it to claim credits other than the Earned Income Credit. If extra space is needed, additional statements with the filer’s name and SSN or ITIN can be attached to the return.
Step-by-Step: Form 8862 Instructions For Filling Out the Document
Filling out Form 8862 is necessary if you meet the criteria for either the EIC, CTC, RCTC, ACTC, ODC, or AOTC and your associated credits were reduced or disallowed for any reason other than a math or clerical error. Don’t forget to attach the applicable schedules and forms to your return when filing. If your claim was due to reckless or intentional disregard of the rules or fraud, then you cannot file Form 8862. If you have an ITIN instead of an SSN, you can still claim the CTC, RCTC, ACTC, ODC, or AOTC. If there is insufficient space for an item, you can attach a statement with your name and SSN (or ITIN) containing the numbered entries to correspond with those on the form.
Below, we present a table that will help you understand how to fill out Form 8862.
|Information Required for Form 8862||Details|
|Eligibility Criteria||Criteria for using Form 8862|
|Filing and Attachments||Instructions on filing and required attachments|
|ITIN Use||Using an ITIN instead of an SSN|
|Insufficient Space||Handling insufficient space for an item|
Do You Need to File Form 8862 Each Year?
If you need to claim the EIC, CTC, RCTC, ACTC, ODC, or AOTC for any year after 1996 for the EIC or 2015 for the other credits, then you must file Form 8862 and attach it to your tax return. There are exceptions and you may be asked to provide other information. An ITIN is valid for the other credits if you do not have an SSN. If you need more space for an item, attach a statement with your name and SSN or ITIN and number each entry to correspond with the line number on Form 8862.
Download the official IRS Form 8862 PDF
On the official IRS website, you will find a link to download Form 8862. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 8862