by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway Two higher‑education credits are available: the American Opportunity Credit (AOC) and the Lifetime Learning Credit (LLC). A taxpayer may claim one credit per student per year, based on qualified education expenses, MAGI limits, and student...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway The Child and Dependent Care Credit is a nonrefundable credit for work‑related care expenses paid for a qualifying person so the taxpayer (and spouse, if married) can work or look for work. The maximum expenses allowed are $3,000 for one qualifying...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway The Earned Income Credit is a refundable credit for workers with low to moderate earned income. Eligibility depends on earned income, AGI, investment income limits, SSN requirements, and whether the taxpayer has qualifying children. What the EIC Is...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway The Child Tax Credit (CTC) is $2,200 per qualifying child in 2025, with up to $1,700 refundable as the Additional Child Tax Credit (ACTC). A $500 nonrefundable credit is available for other dependents (ODC). Credits phase out at $200,000 MAGI...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway When a child has more than $2,700 of unearned income in 2025, part of that income may be taxed at the parents’ tax rates. Parents may elect to report the child’s income on their own return, or the child may file using Form 8615. Purpose of the Kiddie...
