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Category: Credits
42 Articles
Orange arrow How do I claim Tax-Free Educational Assistance and Refunds of Qualified Expenses?

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  Tax-free educational assistance includes a tax-free scholarship, Pell Grant, or tax-free employer-provided educational assistance. You must reduce the total of your qualified expenses by any tax-free educational assistance and by any refunds of qualified expenses. If the refund or tax-free assista...
Orange arrow What are qualifying expenses for Education Credits?

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  Rules That Apply to Both CreditsWhat Expenses Qualify?Generally, qualified expenses are amounts paid during the tax year for tuition and fees required for the student's enrollment or attendance at an eligible educational institution. It does not matter whether the expenses were paid in cash, by che...
Orange arrow Who can take the Residential Energy Credit?

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  Use Form 5695 to figure and take your residential energy credits. The residential energy credits are:- The nonbusiness energy property credit (expired Dec 31, 2017) (Part II reserved), and- The residential energy efficient property credit. - Also use Form 5695 to take any residential energy effici...
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Orange arrow What is a qualifying dependent relationship for EIC and/or Child Tax Credit?

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  In general, to be a taxpayer's qualifying child, a person must satisfy four tests: Relationship: the taxpayer's child or stepchild (whether by blood or adoption), foster child, sibling or stepsibling, or a descendant of one of these. (Note: There are new rules to determine who is a foster child ...
Orange arrow Who is eligible to claim the Retirement Savings Contribution Credit?

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  You may be able to take this credit if you, or your spouse if filing jointly, made: Contributions, other than rollover contributions, to a traditional or Roth IRA. Elective deferrals to a 401(k), 403(b) (including designated Roth contributions), governmental 457, SEP, or SIMPLE plan. ...
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Orange arrow Am I Able to Claim the Credit for Elderly or Disabled?

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  Credit for the Elderly or the Disabled is based on your filing status, age, and income. If you are married filing a joint return, it is also based on your spouse's age and income. You may be able to take this credit if either of the following applies: 1. You were age 65 or older December 31...
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Orange arrow How do I claim Education Credits?

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  If you (or your dependent) paid qualified expenses during the tax year for yourself, your spouse, or your eligible dependent to enroll in or attend an eligible educational institution, you may be able to take an Education Credit. See Form 8863 for details. (We will calculate your credit based on in...
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Orange arrow How do I calculate my Education Credit?

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  Qualified education expenses include nonacademic fees, such as student activity fees, athletic fees, or other expenses unrelated to the academic course of instruction, only if the fee must be paid to the institution as a condition of enrollment or attendance. However, fees for personal expenses (de...
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Orange arrow What is EIC?

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  EITC (or EIC), Earned Income Tax Credit, is a benefit for working people who have low to moderate income. A tax credit means more money in your pocket. It reduces the amount of tax you owe and may also give you a refund. You must have income to qualify for this credit and there are limitations. P...
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Orange arrow Can I claim the Retirement Savings Contribution Credit?

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  You may be able to take this credit if you, or your spouse if filing jointly, made (a) contributions (other than rollover contributions) to a traditional or Roth IRA, (b) elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan, (c) voluntary employee contributions to a qualifi...
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Orange arrow What is the Additional Child Tax Credit?

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  For 2018, the maximum credit increased to $2,000 per qualifying child. Up to $1,400 of the credit can be refundable for each qualifying child as the additional child tax credit. In addition, the income threshold at which the child tax credit begins to phase out is increased to $200,000, or $400,000...
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Orange arrow First-Time Home Buyer Credit

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  First-Time Home Buyer Credit - You can use this form to make a payment on the credit you took. Repayment of the Credit. If you are repaying the credit with your tax return, you are required to file form 5405 only if: You disposed of your home or you ceased using the home as your main home in t...
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Orange arrow Who must file Form 8862?

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  The IRS requires form 8862 when your EIC for a year after 1996 was reduced or disallowed for any reason other than a math or clerical error. But do not file Form 8862 if either of the following applies: You filed Form 8862 for another year, the EIC was allowed for that year, and your EIC has no...
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Orange arrow Not Claiming Child Tax Credit

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  There are a few reasons why you may wish to not claim child tax credit. In order to claim the child tax credit, your relationship to the qualifying child must be: daughter (including step-daughter), son (including step-son), foster child, grandchild, sister, brother, niece, or nephew and the dep...
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Orange arrow Form 8846

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  How do I file a credit for employer Social Security and Medicare taxes paid on certain employee tips, Form 8846? Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips Certain food and beverage establishments (see Who Should File below) use Form 8846 to claim a credi...
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