Credits

Question 1

Refundable credits

Answer 1

Earned Income Tax Credit (EITC) & Premium Tax Credit

Question 2

Partially Refundable

Answer 2

American Opportunity Tax Credit & Child Tax Credit

Question 3

Non-Refundable Credit

Answer 3

Foreign Tax Credit, Lifetime Learning Credit, Child and Dependent Care Credit, Savers Tax Credit, Adoption Tax Credit, Residential Energy Tax Credits, Plug-In Electric-Drive Motor Vehicle Credit

Question 4

Tax Credits that can be carried forward

Answer 4

Adoption tax credit, Foreign tax credit, credits for energy efficiency

Question 5

Credit for low to moderate income workers to get a tax break

Answer 5

Earned Income Tax Credit (EITC)

Question 6

Credit to help individuals cover the premiums for their health insurance purchased through the Health Ins. Marketplace

Answer 6

Premium Tax Credit

Question 7

Credit for qualified education expenses paid for eligible student for first 4 years of higher education, up to $2,500 per student; AGI limit of $80,000 single/$160,000 married filing jointly

Answer 7

American Opportunity Tax Credit

Question 8

Credit for families with a qualifying child get a tax break, up to $2,000 per qualifying child, refundable up to $1,500/ $1,600 in 2023. Can get full credit if gross income is below $400,000 for married filing jointly or $200,000 for everyone else

Answer 8

Child Tax Credit

Question 9

Credit for tuition and related expenses for eligible students (can be undergrad, grad, professional degree) No limit on # of years can claim. 20% of $10,000 in eligible costs- max $2,000

Answer 9

Lifetime Learning Credit

Question 10

Child and Dependent Care Credit amounts

Answer 10

$3,000 for 1 person, $6,000 for 2 or more; max credit is 35%- $1,050 for 1; $2,100 for 2 or more

Question 11

Credit for eligible contributions to your IRA or employer-sponsored retirement plan

Answer 11

Savers Tax Credit

Question 12

Savers Tax Credit amounts

Answer 12

max credit is $1,000 single/$2,000 married filing jointly