How to correct a 1099 misc mistake for a previous year Form

How to correct a 1099 misc mistake for a previous year Form: What You Should Know

How to Report the Earned Income Credit and Child Tax Credit on 1099 Forms Both the earned income credit (EIC) and the child tax credit (CTC) are calculated on 1099 forms issued for previous years. This report can help you report errors to the IRS by removing any outdated information. How to File Form 1099–EI If your employer withheld more than 200,000 in income tax due you, you can file the form (1099-DIV) to claim the missing earnings. What is the Earned Income Credit and the Child Tax Credit? The earned income credit, or EIC, is a refundable tax credit available to the entire working population. It's a means-tested, refundable tax credit; that is, the credit goes only to those who need the money. The Earned Income Credit is a refundable credit that you can use to reduce the amount of income tax you owe to the Internal Revenue Service. If you're eligible, you may get between 600 and 2,000 back from the government in 2015. See our blog post on the Earned Income Credit for more details on its eligibility rules. The Child Tax Credit is a refundable tax credit that goes to taxpayers who have children and who owe income tax. See our blog post on the Child Tax Credit for more details on its eligibility rules. How to Apply for and Estimate Your Federal Tax Credit In 2015, there will be a new provision in the tax code that will increase your refund amount by 100. The provision is called the Universal Child Care Credit (CCC). If you qualify, and you file a tax return, the IRS will mail you a letter asking if you know anyone in your household who can receive a 100 tax credit for each child under age 5 under your household income limit. You will receive the letter by mail (see our Blog Post for more details on this letter). In this blog post we will go through what to do if you received a letter from the IRS asking if anyone in your household is eligible for the CCC. You will then work through the forms (Form 10862) that are required for you to submit to the IRS and make sure you are eligible.

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