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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Can I get the "Electric Vehicles Federal Income Tax Credit" for previous year as a non-resident but this year I am a resident of California?
Last year I filed the tax as a non-resident (lived in US/California less than 180 days, but I have a non-immigrant dual intend L1 visa). This year I am filing tax as a resident in California. If I buy ...
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Does having several kids really mean I don't pay any federal taxes?
My wife and I are foster parents, and long story short we are planning to adopt three kids this year. In anticipation of this I went ahead and considered the kids as dependents for 2021 and updated my ...
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If someone could claim me as a dependent, but they will not, am I required to check the "Someone can claim me..." box on my 1040?
Let's say that an adult is living with his parents. He meets all of the tests for being a dependent of his parents. Now let's say that he wants to file a tax return and claim the Recovery Rebate ...
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7
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If your spouse passes away do you lose any tax credits (GST and Trillium Credit) owed to them before they died?
My husband passed away this pass on 17-July-2018. Until he passed away we hadn't filed our income tax for the years 2015, 2016 and 2017.
I am wondering if and when I do decide to file our taxes;
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In which order are tax credits calculated if you earn both refundable and non-refundable?
Let's say you qualify for two types of tax credits: one refundable (EITC), and one non-refundable (adoption). To keep it simple, let's say that you owed $1000 in taxes, and you qualify for $1000 in ...
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4
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Canadian income tax & charitable donations: How much is income tax reduced by donations?
In Canada, how much is income tax reduced by charitable donations?
When filing, are there any special requirements to qualify for the deduction or credit?
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4
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If I defer the 2021 child tax credit can I base it on my 2021 income?
The 2021 child tax credit includes payments that the IRS will send from July to December of 2021. The payment is based on the 2020 filing. However I get the impression that it is really based on the ...
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Can I claim the child care tax credit in addition to using a dependent care FSA?
Dependent care FSA is capped at $5000 annually and I use this entirely.
The annual child care credit is $3000.
If my expenses are over $8000, can I utilize both of these in the same calendar year?
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First time home-buyer incentives require 3 years of primary residence, but can I move if I'm laid off?
My wife and I are 25-months into an FHA loan (we received a first time home buyer tax credit), and I seem to recall that we cannot sell or rent the property for at least 36-months. That wasn't a ...
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Taxable Scholarship Qualifications
I am trying to determine whether or not a particular scholarship I received (the Palmetto Fellows Scholarship in South Carolina) may or must (or may not or must not) be considered taxable income.
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American opportunity credit with foreign country education
I am reporting 2014 tax by TaxAct software. One field is for education. My situation is I took a course for a certification in 2014. It was my first education course in US. I earned my Phd in a ...
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