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Are You Eligible For Any Of These Tax Credits?
By Richard A. Chapo, Fri Dec 9th

Taxpayers should consider claiming tax credits for which theymight be eligible when completing their federal income taxreturns. A tax credit is a dollar-for-dollar reduction of taxesowed. Some credits are refundable taxes could be reduced tothe point that a taxpayer would receive a refund rather thanowing any taxes. Below are some of the credits taxpayers couldbe eligible to claim:

Earned Income Tax Credit

This is a refundable credit for low-income working individualsand families. Income and family size determine the amount of theEITC. When the EITC exceeds the amount of taxes owed, it resultsin a tax refund to those who claim and qualify for the credit.

Child and Dependent Care Credit

This is for expenses paid for the care of children under age 13,or for a disabled spouse or dependent, to enable the taxpayer towork. There is a limit to the amount of qualifying expenses. Thecredit is a percentage of those qualifying expenses.

Adoption Credit

Adoptive parents can take a tax credit of up to $10,390 forqualifying expenses paid to adopt an eligible child. A credit ofup to $10,390 may be allowed for the adoption of a child withspecial needs even if you do not have any qualifying expenses.For more information, see Pub. 968, Tax Benefits for Adoption.

Credit for the Elderly and Disabled

This credit is available to individuals who are either age 65 orolder or are under age 65 and retired on permanent and totaldisability, and who


are citizens or residents. There are incomelimitations. For more information, see Pub.524, Credit for theElderly or the Disabled.

Education Credits

There are two credits available, the Hope Credit and theLifetime Learning Credit, for people who pay higher educationcosts. The Hope Credit is for the payment of the first two yearsof tuition and related expenses for an eligible student for whomthe taxpayer claims an exemption on the tax return. The LifetimeLearning Credit is available for all post-secondary educationfor an unlimited number of years. A taxpayer cannot claim bothcredits for the same student in one year. For more information,see Publication 970, Tax Benefits for Education.

Retirement Savings Contribution Credit

Eligible individuals may be able to claim a credit for apercentage of their qualified retirement savings contributions,such as contributions to a traditional or Roth IRA or salaryreduction contributions to a SEP or SIMPLE plan. To be eligible,you must be at least age 18 at the end of the year and not astudent or an individual for whom someone else claims a personalexemption. Also, your adjusted gross income (AGI) must be belowa certain amount. For more information, see chapter four inPublication 590, Individual retirement Arrangements (IRAs).


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