Tax Resources
 

How Much Tax Credits Do I Get?

If you are eligible for claiming any of the tax credits, then the next step is to figure out how much tax credits you are allowed. Each tax credit has a maximum amount that the IRS allows. Below are common tax credit amounts and maximums you can claim that you may be qualified for.

Earned income credit (EIC)

If you are qualified for the earned income tax credit or EIC, then your tax credit cannot exceed:

 

$2,853 with 1 qualifying child
$4,716 with 2 or more qualifying children
$428 without a qualifying child


Child and dependent care tax credit

If you qualify for the child and dependent care tax credit, then a credit of up to 35% of the smaller of work related expenses or earned income may be allowed. However, the work related expenses cannot exceed:

  • $3,000 for one qualifying person or
  • $6,000 for 2 or more qualifying persons.

But the expenses cannot be more than :

  • earned income for the year if single, or
  • minimum of earned income or spouse earned income (if married)
Child tax credit

The child tax credit is up to $1,000 per qualifying child. If you get the full child tax credit amount, then multiply the number of qualifying children by $1,000 to get the amount of child tax credit.

Additional child tax credit

A taxpayer gets the additional child tax credit according to the formula below:

Additional Child Tax Credit

Education tax credit

For the Hope tax credit, the maximum is $1,650 for each eligible student for up to two years.

hope tax credit

For the lifetime learning tax credit, the amount (maximum of $2,000) is per tax return:

Explain Lifetime Learning Credit

Savers Credit

The Savers credit or retirement savings contribution credit is up to $1,000 or $2,000 if married filing jointly. The Savers credit is a percentage of qualifying contributions. The percentage depends on the AGI and filing status less distributions.

Tax Questions