Below are a few tax credits that may be important to you. This is by no means a complete list. For more information about these and other tax credits, visit the IRS website.
Also, please pay attention to the qualifications for each credit (you may need to visit the IRS page or consult tax software or a professional). Some credits like the Earned Income Tax Credit (EITC) and education credits may not be taken if you are filing Married Filing Separately.
Also, some credits such as the EITC and the American Opportunity Credit may give you an increased refund even if you don't owe any taxes. Don't overlook a credit because you don't owe taxes.
Finally, the forms listed below are fairly common and should not affect your ability to file in any way. Most (if not all) tax software will have these forms built in, including the free file programs, and most tax professionals should be familiar with claiming these credits.
The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
To receive either credit, you must fill out Form 8863.
Note about education credits:
You also cannot take an education credit along with the Tuition and Fees Deduction for the same student.
The Earned Income Tax Credit is a credit for low-to-moderate income families. The EITC can lower the tax that you owe. Even if you don't owe any taxes, you will still receive the money as a refund. To see if you qualify, use the IRS EITC Assistant.
To see if you qualify, here are some relevant links:
Who Qualifies for the Earned Income Tax Credit (EITC)
For a full listing of credits and deductions, please visit the IRS website at http://www.irs.gov/Credits-&-Deductions.
