Federal Tax Credits
 

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  • You may be able to take a nonrefundable tax credit of up to $1,000 ($2,000 if married filing jointly) for making eligible contributions to an employer sponsored retirement plan or to an IRA.
    Retirement_Savings_Contribution_Credit.html
  • If you are at least 65 years old at the end of the tax year or retired on permanent and total disability, you may be a qualified individual for this credit for the elderly or the disabled.
    Elderly_or_the_Disabled_Credit.html
  • There are tow income limits you must consider to determine if you can claim the credit for the elderly or the disabled.
    Income_Limits_for_Elderly_or_Disabled_Credit.html
  • The credit for the elderly or the disabled is computed on Schedule R, Credit for the Elderly or the Disabled using an initial amount based on your age.
    Figuring_Credit_for_Elderly_or_Disabled.html
  • If you paid higher education expenses during the tax year, you may be able to claim the education tax credits for part of your eligible expenses.
    Education_Tax_Credits.html
  • The education credit rules below apply to both Hope credit and Lifetime Learning tax credit. To claim either education credit, you must meet all of the following requirements.
    Education_Credit_Rules.html
  • The definition of qualified education expenses for Gulf Opportunity Zone or GOZ students has been expanded to include books.
    Gulf_Opportunity_Zone_Tax_Credit.html
  • You can claim the Hope credit or Hope education tax credit for the first two years of postsecondary education.
    Hope_Credit.html
  • The lifetime learning credit is not limited to students in the first 2 years of postsecondary education. the credit does not depend on the student's workload and there is no limit to the number of years you can take this credit.
    Lifetime_Learning_Credit.html
  • Between the two education credits, Hope credit and lifetime learning credit, which you should choose depends on your situation.
    Which_Education_Credit_to_Choose.html
  • An eligible education institution is required to issue a Form 1098-T, Tuition Statement to each student by January 31 of the year following the year of the academic periods for which the expenses were paid.
    How_to_Claim_Education_Credits.html

 

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