CHAPTER 25Personal Tax Credits Reduce Your Tax Liability

In this chapter you will find discussions of the child tax credit, dependent care credit, earned income credit (EIC), adoption credit, retirement savings credit, mortgage interest credit, credit for plug‐in electric vehicles, and the premium tax credit, the residential energy credits. Education tax credits are discussed in Chapter 33.

The child tax credit is $2,000 for each qualifying dependent child under age 17. There is also a $500 credit for other dependents. Both credits are subject to the same phaseout rule (25.3, 25.4). If the child ...

Get J.K. Lasser's Your Income Tax 2023, 2nd Edition now with the O’Reilly learning platform.

O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.