Questions tagged [tax-credit]
for questions that relate to tax credits. A tax credit is a sum deducted from the total amount a taxpayer owes to the state.
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Avoid wasting Canadian tuition credit with double taxation on Canadian Income in US
I live in US with income in Canada and have a large amount of unused tuition tax credits in Canada.
My understanding is that when doing US Tax I should report my full Canadian income and the amount ...
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Foreign Tax Credit / form 1116
I have a foreign retirement income. Income tax is withheld at source in a foreign country. As I have to file form 1116 to get the FTC (foreign tax credit) I need to know if such retirement is a “...
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Federal ID number for West London University
My son is attending West London University and I need to fill out tax form 1098T for the IRS to get the American Opportunity Credit. They are asking for the university's "Federal ID number" (It may ...
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Can I increase value of non-refundable credit by paying less taxes?
I'm in the United States. The Child Tax Credit is a non-refundable credit of $1000.
Scenario 1 : I do my taxes at the end of the year and before applying the credit I owe $1000, then presumably ...
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Why don't "normal" tax credits apply towards self-employment tax?
This is a USA tax question.
Preparing my taxes (regular form 1040), I noticed that the "Other Taxes" section comes after the "Tax and Credit" section. I have some "wages, salaries, tips" income, ...
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Does the increase in the Child Tax credit affect the Empire State child credit as well?
NY state has a tax credit called the Empire state child tax credit. According to the description of this credit on the NY state department of finances website
If you claimed the federal child tax ...
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Can you be penalized for setting an arbitrarily high number of allowances on your W-4?
I withheld too much in taxes this year. I will benefit a good amount from the Lifetime Learning Credit, which I hadn't heard about until today. Even if I don't pay a cent in taxes for the rest of the ...
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In what order do solar (rolling) and EV (non-rolling) tax credits stack?
Location: Texas, USA.
Background: This year I installed a solar system on my house and bought an EV. Both have a tax credit associated with them. The EV credit ($7,500) does not roll over to next ...
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US - educational tax credit on imputed income for educational expenses?
My wife is employed by a university. Up to a certain monetary amount, she can take classes with no financial or tax impact. (I believe this amount is set by the IRS but that's not at issue here.) ...
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Can you claim a training course in Canada if you are provided a receipt but not a T2202A form?
I completed a 200h Yoga Teacher Training course in Canada but noticed that most yoga schools are not HRSDC certified providers, so am wondering if tuition tax credits can still be claimed?
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Are the education credits given on your taxes based on the amount of your expense, or is it a base amount of credit no matter your expenses?
My daughter needs to prove her education expenses for the education credits she received on her 2014 taxes. This was her first year filing taxes and she did use a tax lady. The tax lady has told us we ...
user53485
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Tax relief on UK salary income
I am tax-resident in the USA and non-resident in the UK. I receive income from my former UK employer (in the form of stocks vesting in the UK) on which I pay UK income tax.
Is this type of income ...
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ACA Premium Tax Credit - Claiming for prior year
At the start of the year I did not think I would qualify for the subsidy, but as things have turned out my income was less than the maximum.
The health plan I used was available both through the ...
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Tax question for US citizen with postdoctoral fellowship in Europe
I have received an offer for a postdoc in Europe. The postdoc gets paid a scholarship that is not taxed in the European country. I will be living in this country 12 months out of the year and will ...
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Nonbusiness Energy Property Credit for 2015 Taxes (USA Taxes)
In December of 2015, I had a new home A/C and furnace system installed. I wrote the check to the installer in January of 2016 for the job.
I just found out that in December of 2015, congress extended ...
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