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