Tax Credits - Table of Contents
Tax Credits
- How tax credits work, their benefit over tax deductions, and the difference between refundable and nonrefundable tax credits.
- Example: Some Tax Credits Provide Greater Tax Equity
- Benefit of Tax Credits Over Tax Deductions
- Refundable and Nonrefundable Tax Credits
- Order of Application of Tax Credits
Earned Income Credit (EIC)
- A tutorial on the earned income tax credit (EITC), including eligibility requirements, tie-breaking rules for when a qualifying child can be claimed by more than one taxpayer, how the EITC is calculated, and the penalties assessed for fraudulently claiming or disregarding the rules for claiming the EITC.
- Eligibility
- Earned Income, Disqualifying Income
- How the Earned Income Credit Is Calculated
- EIC Related Penalties
Child Tax Credit
- The child tax credit and additional child tax credit requirements and how to calculate both, illustrated with examples.
- Additional Child Tax Credit
Credit for Child and Dependent Care Expenses
- Who can claim the credit for child and dependent care expenses, the requirements for a qualifying child or dependent for which expenses can be claimed, and how to calculate the dependent care credit, illustrated with examples.
- Taxpayer and Dependent Eligibility
- Eligible Dependent Care Expenses
- Calculating the Dependent Care Credit
Credit for The Elderly and
Disabled
Adoption Credit for Qualified Adoption Expenses
Retirement Savings Contribution Credit (Saver's Credit)
The Retirement Savings Contribution Credit—Not The Bonanza That It Seems
Foreign Tax Credit (FTC)
- Eligible FTC Income
- Eligible Taxpayers
- FTC Calculation
- Example — Foreign Income from Several Countries
- De Minimis Exception to Filing Form 1116
Residential Energy Credits
- Nonbusiness Energy Property Credits
- Residential Energy-Efficient Property Credit
Education Tax Credits: American Opportunity Credit, Hope Scholarship Credit, Lifetime Learning Credit
- Education Tax Credit Rules
- American Opportunity Credit
- Hope Scholarship Credit
- Lifetime Learning Credit
- Modified Adjusted Gross Income Phaseout Rules