A tax credit is among the most satisfying benefits you can turn up when preparing your return.
For the 2021 tax year, 4 out of 5 filers claimed this tax credit, with an average benefit upward of $2,000. The total value those credits was approximately $64 billion, the IRS said.
There are a few other requirements, including: — You can’t have more than $10,300 in investment income. — Everyone on your tax return has to have a valid Social Security number. 2. CHILD TAX CREDITArticle content Still, the CTC can wipe out a considerable chunk of your tax bill. The benefit can reach $2,000 per qualifying child, and up to $1,500 of that is refundable. People with dependents who don’t qualify for the full credit can be eligible for a credit up to $500.Article contentFamilies with children under 17 are generally eligible for the child tax credit as long as their kids have valid Social Security numbers. However, the amount you can claim depends on your income.
The partially refundable American opportunity credit is also more generous: Taxpayers can claim up to $2,500 per eligible student, including for expenses beyond tuition, such as course materials. With the nonrefundable lifetime learning credit, you can claim a total of $2,000 per tax return for tuition only, regardless of how many students would be eligible. You can’t claim both credits for one student.
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