Common Tax Credits

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After you determine your income tax liability, you may be able to reduce that liability by claiming one or more tax credits. Most personal tax credits are allowed to the full extent of your regular tax liability and alternative minimum tax. But it is important to note that they do not create a refund if they exceed your tax liability. Nonrefundable credits include the child tax credit, dependent care credit, adoption credit, education credits, retirement savings credit, credit for the elderly and disabled, mortgage interest credit, and D.C. first-time homebuyer credit. Refundable credits include the additional child tax credit, the earned income credit, the health coverage credit, and the long-term unused minimum tax credit. If the credit exceeds your tax liability, you will receive a refund for the excess.


Topics
Child Tax Credit for Children Under Age 17
Child and Dependent Care Credit
Adoption Credit
Residential Alternative Energy Tax Credits
Tax Credit for Hybrid Vehicles
Long-Term Unused Minimum Tax Credit
Credit for Retirement Plan Savers

Children Under Age 17
For 2008, you generally may claim a tax credit of $1,000 for each qualifying child who is under age 17 at the end of 2008. To figure the exact amount of your credit, however, you must complete the "Child Tax Credit Worksheet" in the IRS instructions to Form 1040 or 1040A to determine if the credit is limited by your tax liability. Even if the credit does exceed your tax liability, part or all of the credit may be refundable as an additional credit on Form 8812 if your earned income for 2008 exceeds $8,500 or you have three or more children.
The credit may also be limited if your adjusted gross income (AGI) exceeds the $55,000, $75,000, or $110,000 phase-out threshold for your filing status. If your AGI exceeds the threshold, the IRS instructions direct you to the worksheet in Publication 972, where the phase-out rules and other credit limitations are applied. Back to top
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Child and Dependent Care Credit
Did you hire someone to care for your children or other dependents while you work? If so, you may qualify for a tax credit for the expenses. You may claim the credit even if you work part time. The credit is generally available to the extent you have earnings from employment. If your employer has a plan qualifying you for tax-free child care, and if you are covered, you may be unable to claim a tax credit.
The credit is claimed on Form 2441 if you file Form 1040, or on Form 1040A, Schedule 2. The size of the credit depends on the amount of your care expenses, number of dependents, and income. Depending on your adjusted gross income, the credit is 20% to 35% of up to $3,000 of care expenses for one dependent and up to $6,000 of expenses for two or more dependents. The minimum credit percentage of 20% applies if your adjusted gross income exceeds $43,000. Back to top

The Adoption Credit
tax credit of up to $11,650 may be available on your 2008 return for the qualifying costs of adopting a child under age 18, or a person who is physically and mentally incapable of self-care. The credit is phased out ratably for those with modified adjusted gross income between $174,730 and $214,730.
The credit is claimed on Form 8839. If you paid qualifying adoption costs in 2008 but the adoption was not final at the end of the year, the credit may not be claimed on your 2008 return.
If your employer pays your adoption expenses through a qualifying plan, you are able to exclude this money from your income, subject to rules similar to that of the credit. If you receive employer adoption benefits that are less than your qualifying adoption expenses, you may be able to claim the credit on Form 8839.


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Residential Alternative Energy Tax Credits
The installation of solar panels and certain other alternative energy property to your main home may entitle you to a tax credit of 30% of the cost, with a top credit of $2,000.
Note: After 2008, the dollar limit is removed. Back to top
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Tax Credit for Hybrid Vehicles
The alternative motor vehicle credit includes credits for hybrid vehicles purchased in 2008. The amount of the credit depends on the vehicle's fuel economy and the projected lifetime fuel savings and is fixed by the IRS. The maximum hybrid vehicle credit under the law is $3,400, but thus far, the highest certification has been $3,150.
How to qualify for the hybrid credit: Only the original purchaser of a new qualifying hybrid vehicle may claim the hybrid vehicle credit. If you lease a qualifying vehicle, only the leasing company (and not you) may claim the credit.
The hybrid vehicle credit is subject to phaseout on a manufacturer-by-manufacturer basis.
Once a manufacturer sells its 60,000th hybrid vehicle after 2005 (all models), the tax credit for any of that manufacturer's certified hybrids is reduced as follows: For the second and third calendar quarters after the quarter in which the 60,000th qualifying vehicle is sold, you may claim 50% of the credit. For the fourth and fifth calendar quarters, you may claim 25% of the credit; no credit is allowed after the fifth quarter. For example, Toyota (which includes Lexus) vehicles no longer qualify for a tax credit.
The credit for qualifying vehicles is claimed on Form 8910. Back to top
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Long-Term Unused Minimum Tax Credit
Employees who exercise incentive stock options do not report income for regular tax purposes. However, the spread between the exercise (strike) price and stock price is an adjustment for the alternative minimum tax (AMT). Unfortunately, some individuals exercised options when the stock price was high, only to sell when the price declined, suffering an economic loss while still paying significant AMT tax.
For 2008, such individuals may claim a refundable credit. The long-term unused minimum tax credit is claimed on Form 8801. Back to top
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Credit for Retirement Plan Savers
Those who contribute to a 401(k) plan or an IRA may gain a second tax break (in addition to the salary deferral for the 401(k) contribution or the deduction for the IRA contribution) -- a tax credit. The credit is claimed on Form 8880. The maximum credit is 50% of a contribution up to $2,000, for a top credit of $1,000.
The top credit applies only to those with modified adjusted gross income (MAGI) below a set amount. Those with slightly higher incomes may qualify for a 20% or 10% credit. No credit that can be claimed by MAGI is higher than $26,500 for singles, $39,750 for heads of households, and $53,000 for joint filers.
The credit is claimed on Form 8880. Back to top
Summary
For 2008, you generally may claim a tax credit of $1,000 for each qualifying child who is under age 17 at the end of 2008.
If you hire someone to care for your children or other dependents while you work you may qualify for a tax credit for the expenses.
A tax credit of up to $11,650 may be available on your 2008 return for the qualifying costs of adopting a child under age 18.
Making certain alternative energy improvements to your home may entitle you to a tax credit.
The alternative motor vehicle credit includes credits for buying hybrid vehicles.
Those who paid alternative minimum tax in prior years because of exercising incentive stock options may be eligible for a refundable tax credit.
Savers who put money into a 401(k), IRA or other similar plan may qualify for a tax credit.