Tax credits can be especially valuable because they reduce your tax bill dollar for dollar. Depending on your situation, you may qualify for one or more credits that can lower the amount of tax you owe or increase your refund.
In the Credits section of your return, you may be able to enter information for the following credits:
- Education Credits - Including credits for eligible higher education expenses.
- Foreign Tax Credit - For certain taxes paid to a foreign country or U.S. possession.
- Child and Dependent Care Credit - For qualified expenses paid for the care of a child or dependent while you worked or looked for work.
- Investment Credit - Available in certain situations involving qualifying business investments.
- Residential Energy Credit - Available for certain qualifying energy-efficient home improvements. This credit is currently scheduled to expire after December 31, 2025.
- Credit for Increasing Research Activities - May apply to taxpayers receiving the credit through a partnership, S corporation, estate, or trust.
- Mortgage Interest Credit - For taxpayers who received a qualified Mortgage Credit Certificate (MCC) from a state or local government agency.
- Adoption Credit - For qualified adoption expenses.
- Claiming Refundable Credits After Disallowance - Applies to certain taxpayers whose refundable credits were previously denied or reduced.
- Credit for Qualified Retirement Savings Contributions (Saver's Credit) - For eligible contributions to an IRA or employer-sponsored retirement plan.
- Alternative Fuel Vehicle Refueling Credit - Available for certain qualifying vehicle refueling property.
- Clean Vehicle Credit - Available for qualifying clean vehicle purchases. This credit is scheduled to expire September 30, 2025. Vehicles must have been purchased before October 1, 2025, to qualify.
- Small Employer Health Insurance Premiums Credit - Generally claimed by eligible small businesses that provide health insurance coverage to employees.
- Credit for the Elderly or Disabled - For certain taxpayers who meet age, disability, and income requirements.
- Credit for Prior Year Minimum Tax - May be available to taxpayers who paid alternative minimum tax (AMT) in a prior year and meet eligibility requirements.
- Qualified Electric Vehicle Credit - May apply in limited situations involving eligible electric vehicle purchases from prior tax years.
- Credit to Holders of Tax Credit Bonds - Available for certain taxpayers holding eligible tax credit bonds.