VITA - Credits
CHILD TAX CREDITS
How can you benefit from the Child Tax Credit? CTC is a federal tax credit now worth up to $1,000 per child for the tax year. New eligibility requirements enacted by congress allow more families to become eligible for the CTC, regardless of whether they owe income tax. Certain families may also be eligible for both the CTC and the EITC.
You may claim this credit if you pay someone to care for your dependent who is under 13 or for your spouse or dependent who is not able to care for him or herself. The Credit can be up to 30% of your expenses. To qualify, you must pay these expenses so you can work or look for work.
Education Credits are available to persons who pay expenses for higher education. You can claim this credit if A) you pay qualified tuition and related expenses of higher education (this includes borrowed funds) B) you pay the tuition and related expenses for an eligible student C) the eligible student is either yourself, your spouse or a dependent you claim.
EARNED INCOME TAX CREDIT
What is the Earned Income Tax Credit? It's money in your pocket! The Earned Income Tax Credit is refundable Federal tax credit for eligible individuals and families who work and have earned income. The EITC reduces the amount of tax you owe, and it may give you refund.