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Credits & Deductions for Individuals

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Exclamation Point   Beginning in 2017, if you claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) on your tax return, the IRS must hold your refund until at least February 15 — even the portion not associated with EITC or ACTC.

Subtract tax credits from the amount of tax you owe. There are two types of tax credits:

  • A nonrefundable tax credit means you get a refund only up to the amount you owe for taxes.
  • A refundable tax credit means you get a refund, even if it is more than what you owe.

Credits for Individuals

Family & Dependents

Health Care

Income and Savings

Education

Homeowners

Electric Vehicle Credit

 


Subtract tax deductions from your income before you calculate the amount of tax you owe. 

Deductions for Individuals

Work-Related

Investments

Education

Health Care

Itemized Deductions

Miscellaneous Deductions

Page Last Reviewed or Updated: 21-Nov-2016

Get a response to your tax question from the Interactive Tax Assistant (ITA).