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How to Get Money - Tax Credit - Other Tax Credits

There are many federal and state tax credits available to working families with low incomes. A nonrefundable tax credit will reduce the amount of taxes you owe the government. A refundable tax credit also reduces the amount of taxes you owe, but could result in a refund check.

Learn more about some of these credits below and be sure to check if you qualify for free tax preparation assistance


Federal Child Tax Credit (CTC) and Additional Child Tax Credit
The Federal Child Tax Credit (CTC) is a nonrefundable tax credit that helps reduce tax liability. It can pay as much as $1,000 for each qualifying child under the age of 17 at the end of 2013. If you qualify for more CTC money than money you owe the government, you can claim the Additional Child Tax Credit which is a refundable tax credit that will return the money you're owed by the government.

For more information, visit the Internal Revenue Service (IRS) Web site.

Empire State Child Credit
New York State residents who qualify for the Federal Child Tax Credit or meet certain income requirements and have a qualifying child could be eligible for the Empire State Child Credit, a tax refund from the state. The general tax refund is $100 per qualifying child or 33% of the taxpayer's allowed Federal Child Tax Credit - whichever amount is greater. 

For more information, visit the New York State Office of Temporary and Disability Assistance Web site.

 



Federal Child and Dependent Care Credit
The Federal Child and Dependent Care Credit is a nonrefundable credit for working people who pay child or dependent care expenses.

For more information, visit the Internal Revenue Service (IRS) Web site.

New York State Child and Dependent Care Tax Credit
The New York State Child and Dependent Care Tax Credit is a refundable tax credit for families who pay child care expenses for children 12 and under.

For more information, visit the New York State Office of Temporary and Disability Assistance Web site.

 



American Opportunity Tax Credit (formerly known as the Hope Credit)
If you earn $80,000 or less ($160,000 or less for joint filers) and paid tuition and related expenses for up to four years of college, you may be eligible to claim the American Opportunity Tax Credit.  

For more information, visit the Internal Revenue Service (IRS) Web site including Answers and Questions.

The Lifetime Learning Credit
If you earn $62,000 or less ($124,000 or less for joint filers) and paid tuition and fees for postsecondary education and/or for courses to acquire or improve job skills, you may be eligible to claim the Lifetime Learning Credit.

For more information, visit the Internal Revenue Service (IRS) Web site.