Nov 14, 2014 | Individual Income Tax Returns, Non-Refundable Tax Credits, Tax Credits
These credits can reduce your tax liability to zero but do not provide you with a refund. Here are some examples: Child Tax Credit: There are seven tests to help determine if your child is eligible. These tests include age, relationship, support, and residence. If the...
Nov 14, 2014 | Individual Income Tax Returns, Refundable Tax Credits, Tax Credits
A refundable tax credit can reduce your tax liability below zero, which means you can receive a tax refund from this form of credit. Here are some examples:Earned Income Tax Credit: This credit is designed for lower-income individuals and families who are working. The...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
These include the American Opportunity Credit and Lifetime Learning Credit. The full value of education credits is available to single taxpayers with a modified AGI of $63,000 a year or less and to married couples filing jointly with an income of $127,000 a year or...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
This tax credit is figured out on Schedule R (Form 1040 or 1040A). To qualify, you must be 65 years of age or older, be retired on permanent or total disability, and have taxable disability income. Your AGI must be less than $17,500 if you are filing as a single...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
Most eligible taxpayers meet the Making Work Pay credit of $800 for married couples filing a joint return and $400 for everyone else. The credit is 6.2 percent of earned income up to $190,000 per annum AGI for joint filers and $95,000 for everyone else. The Government...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
Depending on your income, the child tax credit can be worth up to $1,000 per qualifying child under the age of 17. There are various criteria you need to meet: The child has to be claimed as a dependent on your tax return.The child must be a U.S. citizen.The child...
