||Form to use with
|Personal Credits -- Nonrefundable
Child and dependent care credit
||If you paid someone to care for a
qualifying individual so you (and your spouse if you are
married) could work or look for work, you may be able to
claim this credit. The credit is a percentage, based on
your adjusted gross income, of the amount of work-related
child and dependent care expenses you paid to a care
provider. You may use up to $3,000 of the expenses paid
in a year for one qualifying individual, or $6,000 for
two or more qualifying individuals. These dollar limits
must be reduced by the amount of any dependent care
benefits provided by your employer that you exclude from
Credit for the elderly or the disabled
||You may be able to take the credit for
the elderly or the disabled if:
- You're age 65 or older and meet certain income
- You're under age 65, retired on permanent total
disability, and received taxable disability income
during the year
Foreign tax credit
||This credit is intended to reduce the
double tax burden that would otherwise arise when
foreign-source income is taxed by both the United States
and the foreign country from which the income is derived.
Generally, only income taxes paid or accrued to a foreign
country or a U.S. possession, or taxes paid or accrued to
a foreign country or U.S. possession in lieu of an income
tax, will qualify for the foreign tax credit. Qualified
foreign taxes do not include taxes that are refundable to
you or taxes paid to countries whose government is not
recognized by the United States. You can choose to take
the amount of any qualified foreign taxes paid or accrued
during the year as a foreign tax credit or as an itemized
deduction on Schedule A of Form 1040.
Credit for contributions to retirement plans and IRAs ("saver's" credit)
||If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement (IRA), you may be able to take a tax credit. The amount of the saver's credit you can get is based on the contributions you make, your credit rate, and your adjusted gross income (AGI). If you qualify for the credit, your credit rate can be as low as 10% or as high as 50%, depending on your AGI and filing status. The maximum contribution taken into account for purposes of the credit is $2,000 per taxpayer.
Lifetime learning credit
||You may be able to claim this credit of
up to $2,000 in 2012 (same for 2011) for qualified tuition and related expenses
paid for all students enrolled in eligible educational
institutions. There is no limit on the number of years
for which this credit can be claimed for each student.
The student does not need to be pursuing a degree or
other recognized educational credentials. The credit is
available for one or more courses.
Non-business energy property credit
||For 2011, a 10 percent credit may be available if you make qualifying energy efficient improvements to--or install
certain energy efficient property in--your home. For 2011, there's a lifetime cap of $500, and specific limits apply for certain types of property.
Unless extended by Congress, the credit is not available for 2012.
Residential energy efficient property credit
||You may be eligible for a 30 percent tax credit for the purchase of qualified solar electric property and qualified solar water heating property (used exclusively for purposes other than heating swimming pools and hot tubs), as well as qualified geothermal heat pumps, qualified small wind energy property, and qualified fuel cell power plants. Special limits apply to qualified fuel cell power plants.
Alternative motor vehicle credit
||The maximum credit for a fuel cell passenger car or light truck is $12,000, and is available through 2014.
Credit for plug-in electric vehicles
||If you purchase a qualifying plug-in electric drive motor vehicle, you may qualify for a credit of up to $2,500, with an additional credit amount
of $417 for each kilowatt hour of capacity in excess of five kilowatt hours. Total credit available may not exceed $7,500. The credit will begin to phase out after
200,000 vehicles have been sold.
|Personal Credits -- Refundable
Adoption tax credit (the adoption credit was refundable for 2011, but is not for 2012)
||You may be able to take a tax credit of up to $12,650 in 2012 ($13,360 in 2011) for qualifying expenses paid to adopt an eligible child. The credit is not available for any reimbursed expense. In addition to the credit, up to $12,650 in 2012 ($13,360 in 2011) paid or reimbursed by your employer for qualifying adoption expenses may be excludable from your gross income. The credit and exclusion for qualifying adoption expenses are each subject to an income limit.
Earned income credit
||This is a special credit for certain
lower-income people who work. The amount of the credit is
based on your adjusted gross income (AGI), your filing
status, and the number of qualifying children you have
||If you have at least one qualifying child, attach Schedule EIC
Child tax credit
||This is a credit of $1,000 for each qualifying child you claim on your return. The
credit may be used to reduce the full amount of your
regular tax and alternative minimum tax liability. (A portion of the
child tax credit may be refundable.) The credit is limited if
your modified adjusted gross income is above a certain
||Worksheet in Form 1040 instructions
Refundable portion of credit: Form 8812
Hope credit (renamed the "American Opportunity" tax credit for 2009 to 2012)
||You may be able to claim this credit of up to $2,500 for qualified tuition and related expenses paid for each eligible student. This credit is available for the first four years of post-secondary education. An eligible student must be enrolled at least half-time for at least one academic period during the year, and have no felony drug conviction on his or her record. The credit is subject to an income limitation. Up to 40 percent of the credit is refundable. (Note: Different limits and rules apply to years before 2009 and after 2012.)