Favorite Tax Deductions & Credits for Families!

[KarenL]

Everyone knows there are tax benefits to having children and dependents and some are pretty amazing! If you’ve ever had questions about the popular Child Tax Credit (CTC) or Earned Income Credit (EIC), this is the place to be! TurboTax does the thinking for you to make sure you maximize your deductions and credits. Just follow along with the interview questions and you’re all set! If you want to make sure you receive all you deserve, read the resources below to get the latest scoop on the hottest and best family tax benefits available. 

Tax credits for having dependents! 

Who can I claim as my dependent?  - Start with the basics to make sure you can claim them!
Rules for Claiming a Dependent on Your Tax Return - More of the above - but with more clarity and bonus information about deductions and credits.
Child Tax Credit (CTC)  - This is the main tax credit for those with children.
Additional Child Tax Credit - For those who  can’t get the full amount of the Child Tax Credit.
Credit for Other Dependents - This is the one for older children or relatives you support.
The Ins and Outs of the Child and Dependent Care Credit - If you pay for child care while you work or go to school, this one’s for you!
Adoption Tax Credit  - Yes! There’s a tax credit for adoptions and it’s a good one if you qualify!

Special credit for lower income earners!

What is the Earned Income Credit? - There’s money here! Find out if you Qualify!
5 Facts About the Earned Income Tax Credit

Learning rocks! Here are a few resources for education tax benefits!

American Opportunity tax credit - Eligibility and more!
Lifetime Learning credit and Who is Eligible for the Lifetime Learning Credit?
529 College Savings Plan  - Tax advantaged cash for college!

Bonus Resource
How do I report and pay the Kiddie Tax on my return?  - Do you have to include your child’s income on your own tax return?  Hopefully, not!  Read and find out more!

If you need tax advice or have questions that aren't answered in the links above, please ask in our Taxes forum that best fits your needs!