DESCRIPTION
This module provides a high-level overview of individual tax credits, including refundable versus non-refundable credits and commonly claimed education, family-related, and energy credits. Participants review key credits such as the American Opportunity Credit, Lifetime Learning Credit, Earned Income Credit, Child Tax Credit, Child and Dependent Care Credit, and individual energy credits, along with an introduction to less common credits including the Adoption Credit, Premium Tax Credit, Credit for the Elderly or Disabled, and Retirement Contribution Credit. Interactive exercises reinforce learning by having participants match credits to definitions, classify statements related to education credits, and identify applicable credits based on fact patterns. A supplemental handout summarizes major energy credits, including those that are expiring, and participants practice identifying which energy credits remain available.
LEARNING OBJECTIVES
- Associate specific individual tax credits with their corresponding definitions using matching and classification exercises.
- Differentiate between refundable and non-refundable individual tax credits.
- Identify the purpose and basic eligibility requirements of major education credits, including the American Opportunity Credit and the Lifetime Learning Credit.
- Identify the purpose and basic eligibility requirements for the Earned Income Credit, Child Tax Credit, and Child and Dependent Care Credit.
- Identify common individual energy credits and recognize which credits are currently available versus expiring.
- Recognize the general purpose of less commonly encountered credits, including the Adoption Credit, Premium Tax Credit, and Credit for the Elderly or Disabled.
