by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway The Premium Tax Credit helps eligible individuals and families afford Marketplace health insurance. It is refundable, may be paid in advance, and must be reconciled on the tax return using Form 8962. Purpose of the Premium Tax Credit The PTC lowers...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway The Saver’s Credit is a nonrefundable credit for eligible taxpayers who make qualified retirement contributions. The credit rate is 50%, 20%, or 10%, depending on AGI and filing status, and applies to up to $2,000 of contributions ($4,000 MFJ). What...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Concise Takeaway The adoption credit is partially refundable and helps taxpayers offset the cost of adopting an eligible child. For 2025, the maximum credit is $17,280 per child, with up to $5,000 refundable. Children with special needs qualify for the full credit...
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...
