Which tax credits am i eligible for

Homeowner Credits. Health Care Credits. Education Credits. Deductions for Individuals Work Related Deductions. Itemized Deductions. Education Deductions. Health Care Deductions. Be sure you know the difference between a tax deduction and a tax credit.

A tax credit is a dollar-for-dollar reduction in your actual tax bill. This differs from a tax deduction , which is a dollar amount the IRS allows you to subtract from your adjusted gross income AGI , making your taxable income lower. The lower your taxable income, the lower your tax bill.

Would you rather have:. Your tax bill. The U. Some of the most popular tax credits fall into three categories. These are just summaries; tax credits have lots of rules, so it's a good idea to consult a tax professional. Your state may offer a variety of tax credits as well. Child tax credit. You may qualify for the full credit only if your modified adjusted gross income is under:. Child and dependent care credit. The percentage of allowable expenses decreases for higher-income earners — and therefore the value of the credit also decreases.

For the tax year, this credit isn't refundable, which means it can take your tax bill down to zero but you don't get the leftovers. For the tax year, however, this tax credit is refundable. Payments made out of a dependent-care flexible spending account or other tax-advantaged program at work may reduce your credit.

For help in finding out if you are eligible for the premium tax credit, check out the Premium Tax Credit Flow Chart or through the accessible text. Answering a few yes-or-no questions can help you determine if you might be eligible for the credit. More In Affordable Care Act. Related Links HealthCare. Individual Shared Responsibility Provision. Affordable Care Act - What to expect when filing your tax return. Health Care Law and You.