Benefits & Updates
Tax Benefits
The Earned Income Tax Credit and the Child Tax Credit — how much comes back as a refund, and how much only cancels tax.
Articles in this category (17)
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Tax BenefitsEITC: Who Qualifies and How Much Can You Get?
Who can claim the Earned Income Tax Credit, how earned income and qualifying children set the amount, and why earning more can leave you with less of it.
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Tax BenefitsThe Child Tax Credit: Who Qualifies and How Much
The Child Tax Credit is worth up to $2,200 a child, of which up to $1,700 can be refunded. Who counts as a qualifying child, and where the credit phases out.
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Tax BenefitsUnclaimed Tax Refunds and How to File for Free
The IRS holds refunds for people who never filed, and the three-year deadline is strict. How to claim one, and the free ways to file through IRS Free File and VITA.
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Tax BenefitsThe Saver's Credit for Retirement Savings
The Saver's Credit can cut your tax by up to $1,000 ($2,000 for couples) for retirement savings. The income limits, who qualifies and how to claim it.
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Tax BenefitsChild and Dependent Care Credit: Who Can Claim It
The child and dependent care credit now reaches 50% of up to $3,000 or $6,000 of care costs. Who qualifies, how the rate falls with income, and how to claim.
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Tax BenefitsEducation Tax Credits: AOTC vs. Lifetime Learning
AOTC or Lifetime Learning Credit? The AOTC is worth up to $2,500 per student, the LLC up to $2,000. Who qualifies, the income limits and how to claim on Form 8863.
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Tax BenefitsHead of Household Filing Status Explained
Head of household filing status: the three tests, who counts as a qualifying person, the dependent parent exception, and the larger standard deduction.
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Tax BenefitsTaxes at 65 and Older: The New Senior Deduction
Taxpayers 65 and older get a higher standard deduction plus a new $6,000 senior deduction, phased out above $75,000 of income ($150,000 joint).
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Tax BenefitsPremium Tax Credit Repayment: How Form 8962 Settles Your Subsidy
If you got advance premium tax credits, Form 8962 settles them at tax time. Repayment caps are ending, so report income changes to the Marketplace early.
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Tax BenefitsStandard Deduction or Itemizing: Which Lowers Your Tax Bill?
The standard deduction is now $16,100 single, $32,200 joint and $24,150 head of household. See when itemizing wins and how age 65 and a dependent change it.
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Tax BenefitsWho Can You Claim as a Dependent? The IRS Tests Explained
A dependent is a qualifying child or a qualifying relative. See the tests for each, the $5,300 income limit and what claiming one is worth at tax time.
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Tax BenefitsHow to Withhold Taxes From Your Social Security Benefits
Social Security can withhold 7, 10, 12 or 22 percent for federal income tax. Learn how to start, change or stop it online or with Form W-4V, and how to pick a rate.
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Tax BenefitsWhere Is My Tax Refund? How Long It Takes and What Slows It
Most refunds arrive within 21 days of e-filing, but the EITC, paper returns, amended returns and offsets change the timeline. See what to expect and when to call.
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Tax BenefitsSelf-Employment Tax and Quarterly Payments for Gig Workers
Gig and freelance income has no withholding. How self-employment tax works, who must pay quarterly estimated tax, the due dates and how to avoid a penalty.
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Tax BenefitsFederal Income Tax Brackets: How the Rates Work and Where You Fall
The seven federal income tax rates, the income ranges for single and joint filers, how taxable income is figured and why a raise never shrinks your take-home pay.
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Tax BenefitsRequired Minimum Distributions: When They Start, How Much and the December 31 Deadline
When required minimum distributions start, at 73 or 75, how to figure the amount from the IRS table, the first-year April 1 rule and the 25% penalty for a shortfall.
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Tax BenefitsThe Car Loan Interest Deduction: Which Loans Qualify and How Much You Can Deduct
Up to $10,000 a year of interest on a loan for a new, U.S.-assembled vehicle bought for personal use is deductible for four tax years. The tests and the phase-out.