<topic sku="core" tNum="289583" author="sallyh" xmlns="x-schema:hhTopicSchema.xml"><index><title>Learn about other tax credits</title><category>tax</category><klink type="prcdr">Tell me about other tax credits</klink></index>
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<p>You may be eligible for other credits that can directly reduce your taxes. The earned income credit and the additional child tax credit can even give you a refund in excess of the income tax you have had withheld.</p>
<p><emph>Credit for the elderly or the disabled.</emph> The credit for the elderly or the disabled is intended for lower income retired or disabled taxpayers. If you are age 65 or older on January 1 following the tax year, or you received taxable disability income because you were permanently and totally disabled, and your income is under certain limits ($25,000 on a joint return in 2001), you may qualify for this credit. For more information, see IRS instructions for Schedule R, Credit for the Elderly or the Disabled, on the <alink type="xtnl" href="http://www.irs.gov">IRS Web site</alink>.</p>
<p><emph>Earned income credit.</emph> The earned income credit is designed to help working taxpayers in the lower income brackets. You may qualify for the earned income credit whether or not you have children. You must have earned income and be at least age 25 but under age 65. You cannot use the Married Filing Separately filing status or be claimed as a dependent on someone else's return. For more information, see IRS Publication 596, Earned Income Credit, on the <alink type="xtnl" href="http://www.irs.gov">IRS Web site</alink>.</p>
<p><emph>General business credit.</emph> The general business credit is a combination of several credits that you may qualify for if you have a trade or business. It includes the alcohol fuels credit, the credit for employer Social Security and Medicare taxes paid on certain employee tips, the credit for increasing research activities, the disabled access credit, the welfare-to-work credit, and other credits. For more information, see IRS instructions for Form 3800, General Business Credit, on the <alink type="xtnl" href="http://www.irs.gov">IRS Web site</alink>.</p>
<p><emph>Retirement savings credit.</emph> Beginning in 2002, you may qualify for a credit for retirement contributions, such as contributions to an IRA or a 401(k) plan. This credit is available to taxpayers with low and moderate income levels ($50,000 or less modified adjusted gross income for joint filers in 2002).</p>
<p><emph>Minimum tax credit.</emph> If you paid alternative minimum tax (AMT) last year because you deferred tax on income, you may be eligible for the minimum tax credit for this year. For more information, see IRS instructions for Form 8801, Credit for Prior Year Minimum Tax, on the <alink type="xtnl" href="http://www.irs.gov">IRS Web site</alink>.</p>
<p>To help plan your tax strategy , enter your total other credits in the Tax Estimator on the Credits page.</p>
