1.1- What are Tax Credits?

Tax Credits can reduce the amount of tax you owe or increase your tax refund, and some credits may give you a refund even if you don't owe any tax, and those Tax credits are known as refundable Tax Credits. Examples of Tax credits include:

Child Tax Credit​​​​​

• Advance payments of the Child Tax Credit

• Reconcile advance payments of the Child Tax Credit on your 2021 tax return

• Does my child/dependent qualify for the Child Tax Credit or the Credit for Other Dependents?

• Child Tax Credit and Credit for Other Dependents

• Publication 8812, Credits for Qualifying Children and Other Dependents

Dependent Care Credit

• Child and Dependent Care Credit

Tax Credit with Dependents

• Earned Income Tax Credit

Other Child Credit

• Adoption Credit

2021 Recovery Rebate Credit

• To find out if your dependents qualify, see Questions 7-9 in Recovery Rebate Credit Eligibility FAQs

• Recovery Rebate Credit

Income and Savings Credits

• Saver's Credit (Retirement Savings Contributions Credit)

• Foreign Tax Credit

• Excess Social Security and RRTA tax withheld

• Credit for Tax on Undistributed Capital Gain

• Credit for Prior Year Minimum Tax

Homeowner Credits

• Residential Energy Efficient Property Credit

• Plug-in Electric Drive Vehicle Credit

Health Care Credits

• Premium Tax Credit

• Health Coverage Tax Credit

Education Credits

• American Opportunity Credit and Lifetime Learning Credit