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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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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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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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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Repayment of 2010 First-time Homebuyer Tax Credit
My wife and I received the full $8000 first-time homebuyer tax credit when we bought our home in April 2010, but we're now planning to move. According to the IRS, since we've lived here for less than ...
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Can I use a Mortgage Interest Statement Form 1098 to reduce my taxes?
I have only one house, which I live in. I received a Form 1098 Mortgage Interest Statement for 2022 from my bank. Since I'm early in the mortgage, the interest I pay is quite a large percent of the ...
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Day care tax deduction
In the US, are day-care expenses tax deductible? And if so under what conditions?
For example, if one parent is working, but the other is still going to (graduate) school, is any kind of deduction ...
Mom12345
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Is there any program American can take advantage of to help offset childcare costs during Covid-19?
Due to Covid-19, my son's schools have been shut down for most of the year. Though my workplace allows parents to bring their children to work, he is special needs/has a disability, so requires much ...
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In Canada how much are child care receipts worth for income tax?
How much can my family expect to save on taxes if we ask our sitter for a receipt for last year? Our kids are 6 and 10 and we paid about $2300 last year for occasional child care. My husband and I ...
Tracy72
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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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How does a Child Tax Credit work to reduce my taxes?
Let's say I make 100K a year from my business and I have 3 kids under 9 years old. I read that each child can give me $2000 child tax credit.
So if my 100K business income is taxed and say its 40%:
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Does overpaying estimated taxes lead to loss of non-refundable tax credit?
Say:
My total fed tax liability is 60K.
I've made estimated payments of 65K. (keeping withholdings out of picture here for simplicity)
I'll expect a tax refund of 5K.
I also installed solar panels and ...
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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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When do I include solar credits on my taxes if they are contracted and installed in different years?
In California, USA, in October of 2022 I signed a contract, paid a deposit, and began making payments (10 year term) on solar panels for an investment property
The unusually stormy season has delayed ...
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Does “sales price” include sales tax for the IRS Used Clean Vehicle Credit?
I am considering purchasing a used electric vehicle (EV) from a dealer, and I am wondering whether it qualifies for the 2023 $4,000 Used EV Credit from the 2022 Inflation Reduction Act. According to ...
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UK income tax & charitable donations: How much is income tax reduced by donations?
To continue the theme...
In the UK, 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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