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Category: Credits
39 Articles
Orange arrow Credit for employer Social Security and Medicare taxes paid on certain employee tips

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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 cr...
Orange arrow Dependent Care Benefits

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  If you paid someone to care for a qualifying individual so you (and your spouse if you are married) could work or look for work, you may be able to claim the credit for child and dependent care expenses. If you are married, both you and your spouse must have earned income, unless one spouse was eit...
Orange arrow Who qualifies for the Foreign Tax Credit?

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  The foreign tax credit is intended to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived. Generally, only income taxes paid or accrued to a foreign country or a U.S. possessi...
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. ...
Orange arrow Child and Dependent Care Provider

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  Care includes the cost of services for the qualifying person's well-being and protection. It does not include the cost of clothing and entertainment. You can include the cost of care provided outside your home for your dependent under age 13 or any other qualifying person who regularly spends at l...
Orange arrow Taking the credit vs an adjustment for tuition and fees

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  Tax credits, deductions and savings plans can help taxpayers with their expenses for higher education. A tax credit reduces the amount of income tax you may have to pay. A deduction reduces the amount of your income that is subject to tax, thus generally reducing the amount of tax you may have ...
Orange arrow EIC Earned Income Credit

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  Earned income credit (EIC) is a credit for certain people who work. You may receive this credit even if you do not have a tax liability. Our site will determine if you are eligible for EIC based on your software entries. If you qualify, we figure it for you. See the Form 1040 instructions for mor...
Orange arrow How is the Education Credit calculated?

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  Use Form 8863 to figure and claim the education credits, which are based on qualified education expenses paid to an eligible postsecondary educational institution. There are two education credits. The American opportunity credit, part of which may be refundable. Complete Parts I, III, and I...
Orange arrow EIC fraud

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  **If you take the EIC even though you are not eligible and it is determined that your error is due to reckless or intentional disregard of the EIC rules, you will not be allowed to take the credit for 2 years even if you are otherwise eligible to do so. If you fraudulently take the EIC, you will no...
Orange arrow Foreign Tax Credit

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  The foreign tax credit is intended to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived. Generally, only income taxes paid or accrued to a foreign country or a U.S. possessi...
Orange arrow Who Qualifies for the Tuition and Fees Deduction?

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  Who Can Take the Deduction?You may be able to take the deduction if you, your spouse, or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution. The deduction is based on the amount of qualified educational expenses you paid for the stude...
Orange arrow 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 to a traditional or Roth IRA Elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan, Voluntary employee contributions to a qualified retirement plan (including the Federal T...
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...
Orange arrow 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, or ...
Orange arrow Form 1116 Foreign Tax Credit (Individual

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  Purpose of Form Who should file. File Form 1116 to claim the foreign tax credit if the election, earlier, does not apply and: You are an individual, estate, or trust; and You paid or accrued certain foreign taxes to a foreign country or U.S. possession. Nonresident aliens. If you are a non...

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