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Additional
Tax Credits
Additional
Child Tax Credit - The Credit is for individuals who do not
benefit from the full amount of the Child Tax Credit. The additional
Child Tax Credit may give you a refund even if you don't owe any tax.
Adoption
Credit - You may be able to take a tax credit for qualifying expense
paid to adopt an eligible child. The credit may be more if the
expenses are for the adoption of a child with special needs.
Child
and Dependent Care Credit - You may be able to claim the credit if you
pay someone to care for your child under age 13 so that you can work or
look for work.
Child
Tax Credit - A nonrefundable credit and may be as much as $1,000 per
qualifying child depending on your income.
Coverdell
Education Savings Account - This savings account can now be used to
meet expenses for kindergarten though twelfth grade, tuition for private
and parochial schools and expenses for state-approved home schooling, as
well as college. Contributions are not deductible; however,
qualified distributions are tax-free. Anyone can make contributions
in the child's name, but the total cannot exceed the stated maximum for
any one year.
Qualified
Tuition Programs - This tax benefit includes programs established and
maintained by one or more eligible education institutions. The
beneficiary may claim the HOPE or Lifetime Learning Credit on qualified
expenses paid for with the funds distributed from the Qualified Tuition
Program. |