What Tax Credits Can I Claim? A Comprehensive List for 2024/2025
I know most people have heard of Earned Income Credit (EITC) and Child Tax Credit (CTC). All you have to do is watch tv during tax season to hear it. The IRS has many credits that are available to people that meet specific criteria. Credits can significantly reduce any tax liability, and in some cases even put money in your pocket.
Here is a list of all available federal tax credits to date. Please see IRS instructions for further information.
Federal Tax Credits At a Glance
There are two main types of tax credits individuals can claim on their tax return: nonrefundable, refundable.
- Nonrefundable Credits: These reduce your tax liability to zero. If the credit is more than the tax you owe, the unused portion is simply lost.
- Refundable Credits: First reduce your tax liability and any unused amount is refunded to you.
- Partially Refundable Credits: Is just that, a portion of the credit is nonrefundable, and a portion is refundable. Generally the amounts are set on how much each is. A common example is the Child Tax Credit.
If you file online through FileYourTaxes.com, the system will do any form calculations as well as attach any credit that qualifies to be in return.
Refundable Credits: 2024–2025
Earned Income Tax Credit (EITC) – Sch EIC
A credit for low-to-moderate income workers. The amount depends on income, filing status, and number of qualifying children. Low income taxpayers with no children may also qualify.
American Opportunity Credit (AOTC) – Form 8863
Partially refundable but often listed as refundable because up to $1,000 of the credit is refundable. Designed for undergraduate education expenses.
Premium Tax Credit (PTC) – Form 8962
STOP! Do you have State Marketplace Insurance? If Yes, you are required to enter your Form 1095-A(s) on this form. The IRS will reject any return missing this that is required to have it.
Additional Child Tax Credit (ACTC) – Schedule 8812
The refundable portion of the Child Tax Credit for individuals whose CTC amount exceeds their tax liability.
Health Coverage Tax Credit (HCTC) – Form 8885
Covers a percentage of health insurance premiums for eligible individuals such as displaced workers receiving Trade Adjustment Assistance or PBGC benefits.
Partially Refundable Credits: 2024–2025
Some credits include both refundable and nonrefundable portions:
Child Tax Credit (CTC) – Form 8812
Maximum credit of $2,000 per qualifying child; up to $1,600 may be refundable in 2024 under the Additional Child Tax Credit.
American Opportunity Tax Credit (AOTC) – Form 8863
Worth up to $2,500 per eligible student; 40% of the credit (up to $1,000) is refundable.
Nonrefundable Credits: 2024–2025
Child Tax Credit (CTC) – Schedule 8812
Provides up to $2,000 per qualifying child under age 17. The nonrefundable portion reduces your tax liability. Any excess may qualify for the refundable Additional Child Tax Credit.
Lifetime Learning Credit (LLC) – Form 8863
Offers up to $2,000 per tax return for qualified postsecondary education expenses. Unlike the AOTC, there’s no limit on the number of years you can claim it.
Saver’s Credit (Retirement Savings Contributions Credit) – Form 8880
Provides a credit of up to $1,000 ($2,000 for married couples) for eligible taxpayers who contribute to retirement accounts such as IRAs or 401(k)s.
Adoption Credit – Form 8839
Covers up to $16,810 (2024 limit) in adoption-related expenses per child. The credit is nonrefundable, but unused amounts may be carried forward for up to five years.
Foreign Tax Credit – Form 1116
Offsets taxes paid to a foreign government on income that is also taxed by the U.S. Helps prevent double taxation.
Credit for the Elderly or the Disabled – Schedule R (Form 1040)
Provides a small nonrefundable credit for individuals over age 65 or those retired on permanent and total disability who meet income requirements.
Mortgage Interest Credit – Form 8396
Available to holders of a Mortgage Credit Certificate (MCC) issued by a state or local government agency. The credit reduces tax owed based on mortgage interest paid.
Residential Clean Energy Credit – Form 5695
Covers 30% of the cost of qualified clean energy home improvements such as solar panels, solar water heaters, and geothermal systems. This credit is nonrefundable but can be carried forward.
Clean Vehicle Credit (New Vehicles) – Form 8936
Up to $7,500 for qualifying new electric or plug-in hybrid vehicles. Subject to income limits and manufacturer vehicle eligibility. This credit is nonrefundable.
General Business Credits – Form 3800
For the purpose of this article we are focusing on the tax credits for Individual Form 1040.
These credits are first calculated using the specific forms, then carried over to Form 3800.
Credit for Increasing Research Activities – Form 6765
Available to self-employed individuals engaged in qualified research and development activities.
Disabled Access Credit – Form 8826
Provides a credit for up to 50% of expenditures (up to $10,250) made to improve access for individuals with disabilities.
Work Opportunity Credit – Form 5884
Offers a tax credit for hiring individuals such as veterans, former felons, or long-term unemployed.
Energy Efficient Home Credit (Section 45L) – Form 8908
Provides a credit of up to $5,000 per qualified new energy-efficient home constructed or manufactured for use as a residence.
Credit for Employer-Provided Childcare Facilities and Services – Form 8882
Employers that pay expenses to provide or contract qualified childcare facilities/services for their employees. Covers both facility construction and direct service costs.
Credit for Small Employer Pension Plan Startup Costs – Form 8881
Designed for self-employed individuals starting new retirement plans (e.g., SEP, SIMPLE IRA, or 401(k)).
New Markets Credit – Form 8874
Individuals who invest through partnerships or S corporations may be eligible for a portion of the credit. Will be reported on your Schedule K-1.
Investment Credit – Form 3468
Includes several subcredits for qualified energy projects (e.g., solar, wind), rehabilitation of historic buildings, and advanced manufacturing.
Note: Many credits under Form 3800 have certain eligibility requirements and may require additional forms (e.g., Form 8826 for Disabled Access Credit, Form 5884 for Work Opportunity Credit). Check the IRS form instructions for this information.
If you file online through FileYourTaxes.com, the system will do any form calculations as well as attach any credit that qualifies to be in return.
