Tax Credits: Table of Contents
- 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
- 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
- Tie-Breaking Rules
- Earned Income, Disqualifying Income
- How the Earned Income Credit Is Calculated
- EIC Related Penalties
- The child tax credit and additional child tax credit requirements and how to calculate both, illustrated with examples.
- Additional Child Tax Credit
Health Insurance Premium Tax Credit - the new fully refundable tax credit available under the Affordable Care Act
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
- Eligible FTC Income
- Eligible Taxpayers
- FTC Calculation
- Example: Foreign Income from Several Countries
- De Minimis Exception to Filing Form 1116
- Nonbusiness Energy Property Credits
- Residential Energy-Efficient Property Credit
- Education Tax Credit Rules
- Qualifying Expenses
- American Opportunity Credit
- Hope Scholarship Credit
- Lifetime Learning Credit
- Modified Adjusted Gross Income Phaseout Rules