Get your taxes done using TurboTax

You can compare your two tax returns to determine if any tax credits were missed. The easiest way to see your tax credits on your tax return is by viewing your  Schedule 3, Annual Credits and Payments. (see screenshot below).  If you compare your Schedule 3 from 2023 to 2024, you will likely be able to determine the difference. There was little change to tax credits from 2023 to 2024.

If you answered all of your prompts in TurboTax especially under the  Deductions & Credits sections of the TurboTax program, you likely did not miss any.

If your income was the a little more, the same or even a little less, the rate at which your income is taxed could have changed when income ranges for the 7 federal tax brackets were adjusted for tax year 2024. These tax brackets increased by about 5.4% from 2023 because of inflation.

The main tax credits are listed below:

• Child Tax Credit (CTC). For filers who are also caregivers for children, the CTC provides up to $2,000 for each child or dependent under the age of 17. You may receive a full or partial credit depending on your income. The CTC itself is non-refundable. However, some filers may qualify for a partial refund of $1,500 per child with the Additional Child Tax Credit (ACTC).
• Earned Income Tax Credit (EITC). If you're a low or moderate earner, you may be eligible for the refundable EITC. With the EITC, you can generally expect to receive a minimum credit of $600, but the amount may be higher if you have qualifying dependents.
• American Opportunity Tax Credit (AOTC). If you're a student or the parent of a dependent student who has not completed the first four years of post-secondary education, you may benefit from this credit. You can receive up to $2,500 for qualified educational costs, such as tuition and textbooks. The AOTC can only be claimed once.
• Student Loan Interest Deduction. With this deduction, you can claim any federal or private student loan interest you paid during the year, up to a maximum of $2,500.
• IRA and 401(k) Deductions. Depending on your income and other factors, contributions to traditional IRAs and traditional 401(k)s may be fully or partially deductible, up to the annual IRS limit.
• Savers Tax Credit (STC). If you contributed to a qualifying retirement account like an IRA or 401(k), you may be eligible for this non-refundable credit alongside other relevant deductions. Depending on your adjusted gross income and filing status, you may receive up to $1,000.
• EV Tax Credit. Some electric vehicles (EVs) and fuel-cell electric vehicles (FCEVs) are eligible for a non-refundable clean vehicle tax credit. If you purchase a qualified EV or FCEV that meets certain manufacturing and quality standards, you may receive up to $7,500 for a new vehicle or $4,000 for a used vehicle.
• Residential Clean Energy Credit. This credit can help you recoup a percentage of funds spent on solar, wind, fuel cell, geothermal, and other renewable energy technologies at home.

Your Schedule 3 lists your main tax credits.  If you compare your Schedule 3 from 2023 to your Schedule 3 from 2024, you should be able to determine the difference in your tax credits.

Your tax credits are reported on line 20 of your Form 1040. These credits are listed on your Schedule 3.

Click here for "What Are Tax Credits?"

Click here for "The 5 Biggest Tax Credits You Might Qualify For"