In one of our most recent blog posts, we talked about who needs to file a tax return this year and why. But even if you discovered that you are not required to file, you may still want to do so. Why? You may be qualified for a tax refund and don’t even know it. To claim it, you would need to file a 2017 tax return. There are 4 tax credits that you should be aware of to see if you qualify…
ONE: Earned Income Tax Credit (EITC)
If you earned less than $53,930 last year, you could receive the EITC as a tax refund. You would need to qualify for the credit, with or without a qualifying child. If you do qualify, you could receive up to $6,318.
TWO: Premium Tax Credit
If you have chosen to have advance payments of the premium tax credit sent directly to your insurer during 2017, you must file a tax return to reconcile any advance payments. If you enrolled in health insurance through the Health Insurance Marketplace in 2017 and haven’t yet received the benefit of advanced credit payments, you may be eligible to claim the premium tax credit when you file.
THREE: Additional Child Tax Credit (ACTC)
If you have at least one child that qualifies for the Child Tax Credit and you get less than the full amount of this credit, you may be eligible for the ACTC.
FOUR: American Opportunity Tax Credit (AOTC)
If you are a student who was enrolled for at least half time for one academic period, or if you spouse or dependent was, you may be able to claim the AOTC. This credit is available for up to four years after secondary education. You can claim up to $2,500 per eligible student. You may still qualify even if you do not owe any taxes. You would need to get the Form 1098-T from the school you attended.
If you have any questions regarding what you qualify for, the #GoldenGirls are here to help.
**Some facts and figures in this post have been acquired from the IRS Newsletter www.IRS.gov
