Federal Tax Credit is a tax resource website to help people understand different federal tax credits so that they can file their tax returns correctly and are able to claim all the income tax credits they are eligible to claim.
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.
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.
You may be able to take a tax credit of up to $10,960 for qualifying expenses you paid to adopt an eligible child. This credit is called the adoption tax credit.
If you cannot use the entire amount of your child tax credit on line 53 of For 1040 because it is more than your tax, you may be able to claim the unused amount of the child tax credit as an additional child tax credit on line 68.
