All right, we are right at 1 o'clock, so I'm gonna go ahead and get started. Can somebody just let me know real quick if they can hear me okay? And then everybody get back on mute after that. Yeah, can you hear me? Yeah, perfect. Thank you so much. Well, I just want to start by saying thank you to everybody for taking time out of your day today to spend a little bit of it with us. Hopefully, you get some valuable takeaways out of this time. So, welcome to the ERG h-hour half part. We're going to be covering an important HR topic in a half hour or less and allow you to get back on with your day with some actionable information in hand. Once again, remind everybody to try to keep your phone on mute and allow it so we don't have any background noise. We're going to be recording this also, so for those of you that don't know me, my name is Matt Beatty. I'm with ERG payroll and HR. I'm here giving this presentation because I love HR. I love working within the human resources realm. I've been doing it for over a decade and I've had the good fortune of consulting with over a thousand companies here in the Carolinas area where we're headquartered, and helping them find ways to maintain compliance, engage and retain top talent, and ultimately be a better employer. Today, we're going to be talking about a hot compliance topic in ACA reporting. We're going to be moving pretty quick, so it's unlikely that we're going to have time for a lot of questions. So, please, they've got my email address, my phone number, call me or email me with any specific questions you have with any of this...
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1094-c 2019-2024 Form: What You Should Know
The basic child tax break for 2024 is 5,600 (with the basic break increasing by 400 to 6,400 for married couples filing jointly). Also, the basic break for 2024 is limited to 1,400 of your child's after-tax income. It depends on the number of people, the number and ages of children, if you have more or fewer than four children living with you, and whether you have any children under 17. The additional child tax credit is equal to the amount you can claim on Form 1040A. For example, if you can claim the additional child tax credit for this year, that amount will be 1,000, which equals 1,400 of your child's gross income. It will be taken from your standard exemption amount or any tax-exempt amount you have available. It can be claimed on any tax return, up to a certain limit, depending on your filing status. The additional child tax credit is claimed on line 12 of Form 1040, line 21, or line 26 of Form 1040A, whichever applies. The additional child tax credit starts on the first day of the 2024 tax year and ends on the last day of the 2024 tax year. For example, you can claim the child tax credit on Form 1040A as long as you filed your tax return on or before June 15, 2018. If you file a late return, you can claim the tax credits for the current tax year as well. If you did not receive your 2024 Form 1040 by the end of the first month of the tax year, and you need to calculate your 2024 tax refund, use the Schedule 8765 Schedule 8812. If you have additional deductions or credits to claim on Schedule 8812, you can calculate the total value of your claims in Part II of Form 8812. See the list on the right-hand side of the Form 8812 to see if it covers your claim. If the total value of your claims exceeds the amount of your income to claim as standard exemption on line 12 of Form 1040A or line 22 of Form 1040 for this year, you can use Schedule 8812 to include all or part of your claim as a deduction in your income under Part II of Form 8812.
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