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Category: Credits
42 Articles
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 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 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 How do I calculate the Child and Dependent Care Credit?

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  The credit is a percentage, based on your adjusted gross income, of the amount of work-related child and dependent care expenses you paid to a care provider for a qualifying individual*. The maximum eligible to be multiplied by the percentages is $3,000 per child, maximum of $6,000. These dollar li...
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Orange arrow What is the Child Tax Credit and who can claim it?

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  This credit is $2000 per child and is for a qualifying child ONLY. A qualifying child for purposes of the Child Tax Credit is a child who: Is claimed as your dependent on your return, and Was under age 17 at the end of the tax year, and Is (a) your son, daughter, adopted child, stepc...
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Orange arrow What effect does receiving EIC or Additional Child Tax Credit have on welfare benefits?

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  Any refund you receive as a result of taking the additional child tax credit or EIC (Earned Income Credit) will not be used to determine if you are eligible for the following programs, or how much you can receive from them. But if the refund you receive is not spent within a period of time, it may ...
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Orange arrow What is form 8885?

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  Purpose of Form-Use Form 8885 to elect and figure the amount, if any, of your Health Coverage Tax Credit. Who Can Take This Credit You can elect to take the HCTC only if (a) you were an eligible TAA, ATAA, RTAA recipient, or PBGC payee in 2018; or you were the qualifying family member of an elig...
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