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SCHEDULE 3 (Form 1040) 2023 Additional Credits and Payments Department of the Treasury Internal Revenue Service Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form1040 for instructions and the latest information. OMB No. 1545-0074 Attachment Sequence No. 03. Name(s) shown on Form 1040, 1040-SR, or 1040-NR. Your social security number
Enter the smaller of line 2 or line 3. If born after January 1, 1959, and not blind, stop here and enter this amount on Form 1040 or 1040-SR, line 12. Otherwise, go to line 4b. 4a. _____. b. If born before January 2, 1959, or blind, multiply the number on line 1 by $1,500 ($1,850 if single or head of household) 4b.
2020 Schedule 3 (Form 1040) For Paperwork Reduction Act Notice, see your tax return instructions.
One of these forms may be Form 1040 Schedule 3, which lists additional credits you might be able to claim as well as some payments that will get applied to your tax bill. Let's take a closer look at what this form is and what it entails.
Schedule 3 - The newly revised Schedule 3 will be attached to the 1040 Form or the new 1040-SR Form if entries are made on Schedule 3 which include Nonrefundable Credits, Additional Credits and Payments, and Other Payments/Refundable Credits.
Step by step instructions for this schedule. Differences between nonrefundable tax credits and refundable credits. Basic eligibility requirements for most tax credits. Frequently asked questions. Let’s start with step by step guidance on completing IRS Schedule 3.
Schedule 3: Additional Credits and Payments. IRS Schedule 3 covers nonrefundable credits (such as the foreign tax credit and the credit for child and dependent care expenses), estimated tax payments and payments made with filing extensions, and the premium tax credit.
Taxpayers first used Schedule 3 (and five other new schedules) with the new, shorter Form 1040 in 2018. Schedule 3 was aimed at helping people claim nonrefundable tax credits. For taxes for the 2019 tax year and after, the IRS changed the form, adding refundable credits and certain types of payments that can help reduce the amount of tax you owe.
In order to claim any of the Nonrefundable Credits on this form, you will need the Schedule 3. While I'm unsure of your unique tax situation, I can help guide you to where you can see if any information from Schedule 3 has been transferred to your Form 1040.
IRS Form 1040 Schedule 3 is supplementary to the main IRS Form 1040 for Tax Year 2023. It's specifically designed for taxpayers to claim various tax credits that are not directly reported on the main form. These credits include those related to education, foreign taxes, and child care.