Are You Eligible for Any of These Tax Credits?
Reviewed and used with special permission from the IRS by: Brenda Procter, M.S., State Specialist & Instructor, Personal Financial Planning, University of Missouri Extension
should consider claiming tax credits they might qualify
for when completing their federal income tax returns. A
tax credit is a dollar-for-dollar reduction of taxes
owed. Some credits are refundable – taxes could be
reduced to the point that a taxpayer would receive a
refund when they would have otherwise owed taxes. Below
are some of the credits taxpayers could be eligible to
• Earned Income Tax Credit: A refundable credit for low-income working individuals and families. Income and family size determine the amount of the credit. For more information, see IRS Publication 596, Earned Income Credit.
• Child and Dependent Care Credit: For expenses paid for the care of children under age 13, or for a disabled spouse or dependent, to enable the taxpayer to work or look for work. For more information, see IRS Publication 503, Child and Dependent Care Expenses.
• Child Tax Credit: For people who have a qualifying child. The maximum amount of the credit is $1,000 for each qualifying child. This credit can be claimed in addition to the credit for child and dependent care expenses. For more information on the Child Tax Credit, see IRS Publication 972, Child Tax Credit.
• Adoption Credit: Adoptive parents may qualify for a tax credit of up to $11,650 for qualifying expenses paid to adopt an eligible child. The credit may be allowed for the adoption of a child with special needs even if you do not have any qualifying expenses. For more information, see the instructions for Form 8839, Qualified Adoption Expenses.
• Credit for the Elderly or the Disabled: This credit is available to individuals who are either age 65 or older or are under age 65 and retired on permanent and total disability, and who are U.S. citizens or residents. There are income limitations. For more information, see IRS Publication 524, Credit for the Elderly and the Disabled.
There are other credits available to eligible
taxpayers. Since many qualifications and limitations
apply to the various tax credits, taxpayers should
carefully check the instructions on the IRS web site at
publications and additional information are also
available on the IRS web site or by calling
Source: IRS TAX TIP 2008-43
Last update: Tuesday, May 05, 2009