Refundable credits2
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This document discusses various tax credits including refundable and nonrefundable credits. It provides information on: - The earned income tax credit which is refundable even if it exceeds tax liability and can be claimed by employees, self-employed individuals, and those without children. - Refundable and nonrefundable child tax credits which are based on adjusted gross income and qualifying children. Nonrefundable credits are limited by tax liability. - The child and dependent care credit which is available for those who work, are self-employed, looking for jobs, or full-time students with qualifying child care expenses.
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Refundable credits2
- 1. refundable Credits Earned Income • Employee • Self Employed Tax Credits
- 2. What is a refundable tax credit? • A refundable credit is any amount that exceeds the tax liability on the return What is your tax Your tax is your tax liability
- 3. Refundable Credits We calculate your And this is also based on your AGI and your qualifying children Earned Income Credit Even if you don’t have children Other requirements must be met. File a return even if not required
- 4. Refundable Credit No qualifying children Max Credit $475 Max AGI SINGLE, Head of household (HH) Qualify Widow (QW) $13,980 Max AGI Married Filing Jointly (MFJ) $19,190
- 5. Tie Breaker Rules A parent always can claim child over other claimants IRS If not the Parent who claims child awards the benefit to the client who the child lived with the longest • The taxpayer with the higher AGI
- 6. Previous disallowance of EIC IRS Form 8862 was filed in a later year The disallowance of a qualifying child
- 8. Nonrefundable Credits Good Newslimited by tax We calculate your!! liability? Additional Child Tax Credit 1. Client has to have $3000 or more of earned income 2. Three or more qualifying children
- 9. We calculate your!! Day Care To be eligible 1. 2. 3. 4. Child and dependent care Credit Employed Self-employed Looking for a job Enrolled as a full time student
- 10. Child and dependent Day care Married Couples care credit Married couples must each be eligible • One spouse may not be stay-at-home • For those clients who work from home as employees or self-employed are eligible
- 11. We calculate your!! Day Care Child and dependent care Credit Maximum Credit 1. $3000 for one qualifying child 2. $6000 for two or more children
- 12. We calculate your!! Child and dependent care Credit Maximum Credit Day Care 1. Expenses are eligible in the year paid, not incurred. 2. $6000 for two or more children
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