Credit Limit Worksheet B

Credit Limit Worksheet B

"Before you begin: Complete the Earned Income Worksheet, later in these instructions. 1040 and 1040-SR filers complete line 27a; Schedule 2, line 5; Schedule 2, line 6; and Schedule 3, line 11 of your return if they apply to you. 1040-NR filers complete Schedule 2, line 5; Schedule 2, line 6; and Schedule 3, line 11 of your return if they apply to you."

Caution: Use this worksheet only if you meet each of the items discussed under line 3 of Credit Limit Worksheet A, including that you are completing Part I-C and are not filing Form 2555.

"1. Enter the amount from Schedule 8812, line 12."field
"2. Number of qualified children under age 18 with the required social security number multiplied by $1,400. Enter the result."
"TIP: The number of children you use for this line is the same as the number of children you used for line 4a of Schedule 8812."field
"3. Enter your earned income from line 7 of the Earned Income Worksheet."field
"4. Is the amount on line 3 more than $2,500?"
"No. Leave line 4 blank, enter -0- on line 5, and go to line 6."checkbox
"Yes. Subtract $2,500 from the amount on line 3. Enter the result"checkbox
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"5. Multiply the amount on line 4 by 15% (0.15) and enter the result."field
"6. On line 2 of this worksheet, is the amount $4,200 of more?"
"No. If line 2 or line 5 above is zero, enter the amount from line 1 above on line 14 of this worksheet. Do not complete the rest of this worksheet. Instead, go back to Credit Limit Worksheet A and do the following. Enter -0- on line 4 and complete lines 5. If both line 2 and line 5 are more than zero, leave lines 7 through 10 blank, enter -0- on line 11, and go to line 12."checkbox
"Yes. If line 5 above is equal to or more than line 1 above, leave lines 7 through 10 blank, enter -0- on line 11, and go to line 12. Otherwise, go to line 7."checkbox
If married filing jointly, include your spouse's amounts with yours when completing lines 7 and 8.
"7. If your employer withheld or you paid Additional Medicare Tax or Tier I RRTA taxes, use the Additional Medicare Tax and RRTA Tax Worksheet to figure the amount to enter; otherwise enter the total of the following amounts from Form(s) W-2."
  • Social security tax withheld from box 4, and

  • Medicare tax withheld from box 6.

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"8. Enter the total of any amounts from Schedule 1, line 15; Schedule 2, line 5; Schedule 2, line 6; and Schedule 2, line 13."field
"9. Add lines 7 and 8. Enter the total."field