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The 5 Biggest Tax Credits You Might Qualify For

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:58 AM
OVERVIEW

Federal tax credits can be a big help to low-to-moderate-income taxpayers looking to reduce their taxes or maximize their tax refund. Here are the 5 biggest tax credits you might qualify for.

 

Key Takeaways

  • You may be eligible for the Earned Income Tax Credit, depending on your adjusted gross income, earned income, and investment income.
  • The American Opportunity Tax Credit covers up to $2,500 of the cost of qualified tuition and course materials paid during the taxable year for students who are enrolled at least half-time in the first four years of post-secondary education and are pursuing a degree.
  • The Lifetime Learning Credit provides up to a $2,000 credit to offset the costs of any years of post-secondary education, not just the first four, and is available even for people not pursuing a degree.
  • The Child and Dependent Care Credit — which ranges from 20% to 35% depending on your income — can be applied to as much as $3,000 of qualifying expenses if you pay for the care of one qualifying child, or up to $6,000 if you pay for the care of two or more.

Tax credits

A number of federal tax credits exist to help taxpayers—primarily those in middle-income and low-income households—reduce the amount of taxes they owe or get the largest refund possible. Here are the 5 biggest tax credits you just might qualify for that can have a major impact on your income and tax situation.

1.  Earned Income Tax Credit

One of the most substantial credits for taxpayers is the Earned Income Tax Credit. Established in 1975—in part to offset the burden of Social Security taxes and to provide an incentive to work—the EITC is determined by income and is phased in according to filing status: Single, Head of Household, Married Filing Jointly or any of these with children. Eligibility and the amount of the credit are based on adjusted gross income, earned income and investment income.

  • For 2024, generally, a person must be at least 25 years old and under 65 years old.
  • If married, both spouses must have valid Social Security numbers and must have lived in the country for more than six months.
  • If you may be claimed as a dependent on another filer's tax return, you do not qualify.

You won't qualify for the EITC if:

  • You earned $11,600 or more in 2024 from investment income. That is considered "disqualified income," and you cannot qualify for the credit.

If you're self-employed, you may qualify for the EITC. Tax experts recommend you check your eligibility every year, even if you think you won't qualify.

2.  American Opportunity Tax Credit

For years, the Hope Credit helped families pay the costs of higher education. Since 2009, that credit has been rebranded and expanded as the American Opportunity Tax Credit.

  • The AOTC covers four years of post-secondary education.
  • The full credit is available to people whose modified adjusted gross income (MAGI) is $80,000 or less, or $160,000 or less for married couples filing jointly.
  • Depending on your income (the credit drops as income increases), you may receive up to $2,500 of the cost of qualified tuition and course materials paid during the taxable year.
  • The student must be enrolled at least half-time for at least one academic period.
  • This credit is available on a per-student basis.

TurboTax Tip:

The Child and Dependent Care Credit is also available for the cost of caring for a spouse or a dependent of any age who's physically or mentally incapable of self-care.

3.  Lifetime Learning Credit

The Lifetime Learning Credit, also established to offset the costs of post-secondary education, differs from the American Opportunity Tax Credit in that it is available for any years of post-secondary education, not just the first four. Also, the credit is available for people not pursuing a degree.

  • The Lifetime Learning Credit may be as high as $2,000 per eligible student.
  • For 2024 the full credit is available to eligible individual taxpayers who make $80,000 or less, or married couples filing jointly who make $160,000 or less.
  • The credit phases out as income goes beyond these amounts.

4.  Child and Dependent Care Credit

The Child and Dependent Care Credit helps defray costs of babysitting or daycare. It's available to people who have to pay for childcare for dependents under age 13 in order to work or look for work. The credit is also available for the cost of caring for a spouse or a dependent of any age who is physically or mentally incapable of self-care. To qualify, your filing status must be Single, Married Filing Jointly, Head of Household or Qualifying Surviving Spouse with a qualifying child.

For 2024, the credit—which ranges from 20 percent to 35 percent depending on your income—can be applied to as much as $3,000 of qualifying expenses if you pay for the care of one qualifying child, or up to $6,000 if you pay for the care of two or more.

For 2021 only:

The American Rescue Plan brings significant changes to the amount and way that the Child and Dependent Care Credit can be claimed. The plan increases the amount of expense eligible for the credit, relaxes the credit reduction due to income levels, and also makes it fully refundable.  This means that, unlike other years, you can still get the credit even if you don’t owe taxes.

So, for tax year 2021 (the taxes you file in 2022):

The amount of qualifying expenses increases from $3,000 to $8,000 for one qualifying person and from $6,000 to $16,000 for two or more qualifying individuals

The percentage of qualifying expenses eligible for the credit increases from 35% to 50%

The beginning of the reduction of the credit is increased from $15,000 to $125,000 of adjusted gross income (AGI).

Also for tax year 2021, the maximum amount that can be contributed to a dependent care flexible spending account and the amount of tax-free employer-provided dependent care benefits is increased from $5,000 to $10,500.

5.  Savers Tax Credit

The Savers Tax Credit, formerly the Retirement Savings Contributions Credit, is for eligible contributions to retirement plans, such as qualified investment retirement accounts, 401(k)s and certain other retirement plans. Taxpayers with the least income qualify for the greatest credit—up to $1,000 for those filing as single, or $2,000 if filing jointly.

  • For 2024 the maximum income for the Savers Tax Credit is $38,250 for Single filers, $57,375 for Head of Household filers, and $76,500 for those filing as Married Filing Jointly.
  • Filers must be at least 18 years old and may not have been a full-time student during the calendar year or claimed as a dependent on another person’s return.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received. Each taxpayer's refund will vary based on their tax situation.

  • More self-employed deductions: based on the median amount of expenses found by TurboTax Premium (formerly Self Employed) customers who synced accounts, imported and categorized transactions compared to manual entry. Individual results may vary.

  • TurboTax Online Business Products: For TurboTax Live Assisted Business and TurboTax Full Service Business, we currently don't support the following tax situations: C-Corps (Form 1120) and entities electing to be treated as a C-Corp, Trust/Estates (Form 1041), Tax Exempt Entities/Non-Profits, returns that require more than 5 state filings, and other issues unrelated to the preparation of a tax return or unrelated to business income/franchise taxes. TurboTax Live Assisted Business is currently available only in AK, AZ, CA, CO, CT, DE, FL, GA, ID, IL, KS, MA, MD, ME, MI, MN, MO, NC, NJ, NV, NY, OH, PA, RI, SD, TN, TX, UT, VA, WA, WV, and WY.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for an additional fee, by TaxResources, Inc., dba Tax Audit. Audit Defense is included at no added cost with business returns filed with TurboTax Live Business (excluding Sole Proprietor). See Membership Agreements at https://www.intuit.com/legal/terms/ for service terms and conditions.

TURBOTAX DESKTOP GUARANTEES

TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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