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TaxSlayer.com Help Center .: Tax Tips!!! .: Credits

Credits

article Examples of Credits
Examples of Credits: Foreign Tax Credit (Form 1116)The foreign tax credit is intended to reduce the double tax burden that would otherwise arise...
article Can I claim credit if I paid child care expenses for someone who is not my dependent?
Qualifying Persons that are not claimed as dependents.Your disabled spouse who is not physically or mentally able to care for himself or...
article Can I take the Mortgage Interest Credit AND the deduction for mortgage interest that was reported on Form 1098 on the same return?
Yes.  It is possible to take the Mortgage Interest Credit and the deduction for home mortgage interest.  However, if you received a qualifying...
article Child Tax Credit
TaxSlayer.com automatically calculates the Child Tax Credit, please read the following article from the IRS to learn more about it.With the Child...
article Credit for the Elderly or Disabled - How do I know if I qualify as "premanently and totally disabled"?
To take the Credit for the Elderly or Disabled, by the end of the tax year you must have been (a) age 65 or older, OR (b) permanently and totally...
article Did You Receive an Economic Recovery Payment?
If you are not sure if you received an Economic Recovery Payment or the amount received,  you can use the link provided below to access this...
article Earned Income Credit Table (EIC Table)
Publication 596 is the IRS publication issued to help taxpayers understand Earned Income Credit (EIC).  It includes eligibility requirements,...
article Five Tips About the First-Time Homebuyer Credit Documentation Requirements
Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Are you confused about the...
article General Information About the First Time Homebuyer Credit
Currently, the IRS has not completed the full form and instructions for Form 5405 for the First-Time Homebuyer Credit.  However, available for a...
article How and when is the First Time Homebuyer Credit repaid?
For homes purchased in 2008, the first-time homebuyer credit is similar to a 15-year interest-free loan.  Normally, it is repaid in 15 equal annual...
article How do I claim the Credit for Child and Dependent Care Expenses if my spouse was a student or disabled?
Was your spouse a Student or Disabled?Your spouse was a student if he or she was enrolled as a full-time student at a school during any 5 months of...
article How do I figure my EIC or Earned Income Credit?
The earned income credit or EIC is automatically calculated by the program and many factors contribute to how it is calculated.  Please read the...
article How do I know if I was "disallowed" from claiming EIC in a previous year?
In most cases, the IRS would have notified you in the year you were disallowed.  You would have received a notice in the mail.  In addition, the...
article How do I know if the person I payed for childcare qualifies?
Qualified ExpensesThese include amounts paid for household services and care of the qualifying person while you worked or looked for work. Child...
article How much will the First Time Homebuyer Credit be?
The credit is 10 percent of the purchase price of the home.For homes purchased in 2008, the maximum available credit is $7,500 for either a single...
article How to Amend your 2009 return to claim the First-time Homebuyer’s Credit
To amend your 2009 return for the First-time homebuyers credit, please follow the steps below:1.      Log into your account and access your return...
article I bought my first home, but it wasn't in DC. Is there a credit that I can take?
Yes.  For 2008, the IRS has provided both a DC First Time Homebuyer Credit and the First Time Homebuyer Credit.  While first credit only applies to...
article I received a Form 1098 for my mortgage interest. Can I take the Mortgage Interest Credit?
Unfortunately, you can only take the Mortgage Interest Credit if you received a Mortgage Credit Certificate (MCC) by a state or local governmental...
article If I'm not eligible for EIC, can I prevent TaxSlayer from calculating it on my return?
If you have already checked and made sure that you are not eligible for EIC, you can click on the third option on the Earned Income Credit Menu:...
article Qualifications for claiming the credit for child and dependent care expenses:
To claim the credit for child and dependent care expenses, you must meet certain conditions including:• Income - You must have earned income from...
article What adoption expenses can and cannot be claimed?
Qualified adoption expenses include: Adoption fees,Attorney fees,Court costs,Travel expenses (including meals and lodging) while away from home,...
article What are the full qualifications for the Residential Energy Credit?
You may be able to take this credit if you made qualified energy saving improvements to your home located in the United States in 2009. For credit...
article What are the qualifications for the adoption credit?
You may be able to take this credit if any of the following statements are true.1.  You paid qualified adoption expenses in: 2008 and the adoption...
article What are the qualifications for the Alternative Motor Vehicle Credit?
The following requirements must be met to qualify for the Alternative Motor Vehicle Credit:  You must own a Qualifying Alternative Motor...
article What are the qualifications for the District of Columbia First-Time Homebuyer Credit?
When do you qualify?:  In general, you can claim the credit if both of the following apply:You purchased a main home during 2009 in the District of...
article What Is Permanent and Total Disability?
A person is permanently and totally disabled if both 1 and 2 below apply. He or she cannot engage in any substantial gainful activity because of a...
article What types of income does the IRS consider "Taxable Disability Income"?
Generally, disability income is the total amount you were paid under your employer's accident and health plan or pension plan that is included in...
article What vehicles qualify for the Alternative Motor Vehicle Credit?
For a list of specific vehicles that currently qualify, click here.To qualify for the Alternative Motor Vehicle Credit, the vehicle must qualify as...
article Which home purchases qualify for the first-time homebuyer credit?
Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not...
article Who Can Take Elderly or the Disabled Credit ?
The credit is based on your filing status, age, and income. If you are married filing a joint return, it is also based on your spouse's age and...
article Who can take the Retirement Savings Credit?
You may be able to take this credit if you, or your spouse if filing jointly, made any of the following:Contributions to a traditional or Roth IRA....
article Who cannot take the First Time Homebuyer Credit?
If any of the following describe you, you cannot take the credit, even if you buy a main home:Your income exceeds the phase-out range. This means...
article Who CANNOT take the Retirement Savings Credit?
You cannot take the Retirement Savings Credit if either of the following applies:Your AGI is more than $27,750 ($41,625 if filing as Head of...



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