Refundable tax credits

A refundable tax credit is a credit you can get as a refund even if you don't owe any tax.

Tax credits are amounts you subtract from your bottom-line tax due when you file your tax return. Most tax credits can reduce your tax only until it reaches $0. Refundable credits go beyond that to give you any remaining credit as a refund.

That's why it's best to file taxes even if you don't have to. Many people who qualify for refundable credits miss out on refunds because they don't file.

See if you qualify for these refundable tax credits.

Earned Income Tax Credit (EITC) 

To qualify, you must have under $11,000 in investment income and earn less than a specific income level from working. The income level ranges from: $17,640 if you’re single with no children to $63,398 if you’re married filing jointly with 3 or more children. Find more on the Earned Income Tax Credit.

Answer questions to see if you qualify for the EITC

Child Tax Credit (partially refundable)

If you have a child, you may be eligible for the Child Tax Credit. For 2023, the credit is up to $2,000 per qualifying child. To qualify, a child must:

  • Have a Social Security number
  • Be under age 17 at the end of 2023
  • Be claimed as a dependent on your tax return

A portion of the Child Tax Credit is refundable for 2023. This portion is called the Additional Child Tax Credit (ACTC). For 2023, up to $1,600 per child may be refundable.

Find out more about the Child Tax Credit

American Opportunity Tax Credit (partially refundable)

If you paid qualified education expenses for an eligible college student, you may be able to claim a credit of up to $2,500 per year. Up to $1,000 of the American Opportunity Tax Credit is refundable.

Your income must be $90,000 or less ($180,000 or less for married filing jointly) to claim the credit.

Find details on the American Opportunity Tax Credit

Premium Tax Credit

If you buy health insurance through the Health Insurance Marketplace and meet other criteria, you may be able to claim the Premium Tax Credit. This is a refundable credit based on your income and the cost of your healthcare plan.


Credits and deductions for individuals