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Tax Credits (Personal Credits (Credit for the Elderly and/or Permanently…
Tax Credits
Personal Credits
Child and Dependent Care Credit
Requirments
pay eligible child care expenses (not elementry school)
child under 13, unless disabled dependent(support test)/spouse
Both produced earend income, unless fulltime student or disabled
Credit amount less of:
Earned income of spouse with lesser amt
actual child care expenditure
max amont: 3000 if one dependent OR 6000 if 2+ dependents
Phase out: % of credit amount allowed:
AGI < $15,000 -> 35% * credit amount = credit amount
AGI > 15,000 -> phase out decreases by 1% for each 2,000 over, but not below 20%
AGI > $43,000 -> 20% * credit amount = credit amount
Credit for the Elderly and/or Permanently Disabled
Base Amount:
$5,000 if (S)(W) or (MFJ) and only 1 spouce is elgible
$7,500 if (MFJ) & both are elegible
$3,500 if (MFS) & eligible
** $5000 if under 65 & disability income < $5,000
(social security payments)
(1/2 excess AGI over:)
$7,500(S), $10,000(MFJ), $5,000(MFS)
x 15 % =
Credit Amount
eligiblie if 65+ or retied due to disablity
Education Tax Incentives
American Opportunity Credit
Lifetime Learning Credit
Coverdell Education savings account
Refundable Credits