1040a Form

2018 1040a Form: What You Should Know

Dec 13, 2024 — Taxpayers who have filed a tax return within the last 40 years may expect IRS notices during the filing season to include new tax information. Those who expect to file a large income tax return should pay close attention to the “return notice and electronic filing” portion of these notices. How to Claim Tax Breaks and Exemptions Eligibility for the tax breaks and exemptions available through the federal income tax return and the individual income tax return depend on many factors and factors vary by phase out status, or the type of tax break that applies to you.  The following are some major exemptions or tax credits offered through the federal income tax return: Child tax credit: up to 1,000 a child, or 500 for each qualifying child. Qualifying children are those who meet the age requirements, meet federal poverty guidelines or were born after Jan. 1, 1971. A child is any individual under age 17 (or 17 if his or her parents are divorced and he or she is under 21). Excludes same-sex partners of those claiming the child tax credit. Earned Income Tax Credit (ETC): up to 2,000 for each qualifying child. Qualifying children are those who meet the age requirements, who are disabled, or who are under 19 years of age (under 21 with a marriage certificate). Qualifying expenses are those expenses necessary for the acquisition, production, or distribution of income. Excludes same-sex partners of those claiming the ETC. Additional Child Tax Credit: up to 1,000 for each qualifying child. Qualifying children are those who meet the age requirements, who are disabled, qualify for the Earned Income Tax Credit (ETC) or the Additional Child Tax Credit (ACT) but are aged 18 or less. Qualifying expenses are those expenses necessary for the acquisition, production, or distribution of income. Excludes same-sex partners of those claiming the ETC. Additional Child Tax Credit (ACT) : up to 1,000 for each qualifying child. Qualifying children are those who meet the age requirements, who are disabled, qualify for the Earned Income Tax Credit (ETC) or the Additional Child Tax Credit (ACT), but are aged 18 or younger.

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