What is the retirement savings tax credit?
This is a type of refundable tax credit and is applicable to taxpayers over the age of 18 that have made contributions to a traditional IRA or Roth IRA.
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What is a refundable tax credit?
A refundable tax credit is one of the two types of personal tax credits that individual taxpayers can qualify for. A refundable tax credit means that a taxpayer can get a refund, even if it is more than the taxpayers tax liability. As you can see in the example below, the taxpayers tax liability is...
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What is the adoption credit?
The adoption credit is a type of nonrefundable tax credit. The adoption credit exists for parents who are adopting a child. Basically, taxpayers can receive a credit for expenses incurred to adopt a child, such as legal fees, court fees, travel fees, etc. However, medical expenses incurred for adopting a child are not eligible expenses.
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What is the elderly and permanently disabled credit?
This is a type of nonrefundable tax credit. You must be 65 or older to qualify, or you can be below 65 on and be on permanently and total disability. This tax credit is very difficult to qualify for, so be sure to fully understand the tax code related to this credit.
What is a refundable tax credit?
A refundable tax credit is one of the two types of personal tax credits that individual taxpayers can qualify for. A refundable tax credit means that a taxpayer can get a refund, even if it is more than the taxpayers tax liability. As you can see in the example below, the taxpayers tax liability is...
What is the adoption credit?
The adoption credit is a type of nonrefundable tax credit. The adoption credit exists for parents who are adopting a child. Basically, taxpayers can receive a credit for expenses incurred to adopt a child, such as legal fees, court fees, travel fees, etc. However, medical expenses incurred for adopting a child are not eligible expenses.
What is the elderly and permanently disabled credit?
This is a type of nonrefundable tax credit. You must be 65 or older to qualify, or you can be below 65 on and be on permanently and total disability. This tax credit is very difficult to qualify for, so be sure to fully understand the tax code related to this credit.
