What are Excess Social Security Refunds?
What are “excess Social Security taxes” and how do some taxpayers get a refund of those taxes? Let’s take a look.
Glossary: Lifetime Learning Credit
The Lifetime Learning Credit is a tax credit available for taxpayers who pay college expenses. This credit is similar to the American Opportunity Credit, but there are some key difference
The Iowa School Tuition Organization Tax Credit
The School Tuition Organization Tax Credit is one of many tax credits available to claim under special circumstances on an Iowa tax return.
Glossary: Additional Child Tax Credit
The “”Additional Child Tax Credit” is the portion of the child tax credit that is fully refundable regardless of a taxpayer’s taxable income.
Glossary: Work Opportunity Credit
The Work Opportunity Tax Credit is a tax credit available to employers who hire employees from certain targeted groups.
Glossary: Iowa Tuition & Textbook Credit
The Iowa tuition and textbook credit is a tax credit available on Iowa tax returns for qualifying expenses paid for K-12 education of a taxpayers’ dependents. Almost any expense counts toward the credit. I went into more detail in this blog post from 2013. I generally tell people that only expenses paid to a public […]
How is the Iowa Trust Fund Tax Credit Calculated?
The Iowa Trust Fund Tax Credit is a non-refundable Iowa tax credit that first appeared on 2013 tax returns. This post delves into how the state determines how big the credit is from year to year.
Glossary of Tax Terms: Refundable Credits
The term “refundable credit” refers to a tax credit that can produce a tax refund even if your tax liability is $0. Contrast this with “nonrefundable credits,” which can reduce your tax liability to $0 but don’t generate a refund by themselves. Examples of refundable credits include: income tax withheld from your wages; estimated tax […]
The Iowa Taxpayers Trust Fund Tax Credit
Something new on Iowa tax returns this year is the “Taxpayers Trust Fund Tax Credit.” This credit is $54 for a single taxpayer or $108 total for a married couple. The credit is claimed on Line 64 of the Iowa Form 1040. It’s pretty straightforward, but there are a few quirks: To claim the credit, […]
Iowa Firefighter/EMS Tax Credit
New for 2013 Iowa tax returns is a tax credit of up to $50 on the Iowa tax return for volunteer firefighters and volunteer EMS personnel. How to Qualify For firefighters, the rules to qualify are: You must be a member of an organized volunteer fire department in Iowa, and You must meet the minimum […]
