2017 Tax Credits You Should Know About Part 1 - Nonrefundable Credits

It's tax time again! Be sure to check if you are eligible for the following tax credits. Not sure? Call or email Project THRIVE for assistance.

NONREFUNDABLE CREDITS - a dollar-for-dollar reduction of the tax liability. A nonrefundable credit can only reduce the tax liability to zero. It will not give the taxpayer a refund.

1. Dependent and Child Care Credit - Keep a record of all your out of pocket child care or dependent care expenses. The credit ranges from 20% to 35% of annual expenses

2. Education Credit - Up to $2,500 is available through the American Opportunity Credit if you or your dependents are pursuing a degree. Up to $2,000 is available for post secondary education and job training expenses through the Lifetime Learning Credit. Not available if married filing jointly. Other restrictions apply.

3.Retirement Savings Contribution Credit - If you contributed to a retirement plan, the amount should appear on your W-2 in box 12.

4.Child Tax Credit - Allows taxpayers to claim a tax credit of up to $1,000 per qualifying child (under 17).

5. Residential Energy Credit - The Non-Business Energy Property Credit allows for 10 percent of the cost of certain qualifying energy-saving items. This includes items such as insulation, windows, doors and roofs. There is a maximum limit of $500 over a taxpayer’s lifetime.