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7 Cards in this Set

  • Front
  • Back
EIC Qualifications
Single MFJ
$30,338 $31,338 -- 1 child
$34,458 $35,458 -- 2
$11,490 $12,490 -- none

Age 25-65 if no kids
Investment income under $2650
Qualifying child
Under 19
Under 24 if full-time student
Any age if perm and totally disabled
In US more than 1/2 the year
does not have to be your dependent
Child and Dependent Care Credit
Depend. under 13 or unable to care for self
In order to work or seek work
Caregiver not your dependent
$3000 maximum expenses to calculate
credit of up to 35% of expenses
non-refundable credit
Child Tax Credit
Up to $1000 for each qualifying child
Dependent under 17
Own child or step, sibling or step, grand?
sibling's child or grand
Additional Child Tax Credit
Refundable credit
If taxpayer receives less than full child tax credit because tax is less than allowable child tax credit
Amt of tax credit remaining after reducing the regular OR 15% of wages in excess of $10,750.
Hope Education Credit
Hope-first 2 years of college up to $1500 for EACH eligible student, 2 yrs only, no drug convictions.
100% of first $1000 expense plus 50% of next $1000 exp
Tuition, books & fees,not room & board
Must be at least half-time
No MFS or dependent
Lifetime Learning Credit
Any year, any load, any number of students
20% of first $10,000 expenses up to $2000 total for entire return
form 8863