Which of the following credits can result in a refund even if the individual had no...

Which of the following credits can result in a refund even if the individual had no income tax liability?

Expert Solution

1. Ìncome tax credit for less earned people

Who earned less than $49078 per year as of 2012 are eligible for a refundable earned income tax credit. The taxpayers who have no children may qualify for the same. This credit may be more depending on your income, age and number of dependents.

2. Adoption credit

As per the internal revenue service, the adoption tax credit is the refundable tax credit which is the largest amount of $13360 per child available to individual taxpayers. The families who adopt a child may be eligible for a refundable tax credit of maximum $13360 per child for recover expence related to adopting.

3. Additional child tax credit.

individuals with children may qualify for non refundable tax credit of $1000 per child under age of 17 years. The amount of this credit is reduced for married couples filing jointly with an adjusted gross income of $110000 or more.and for individuals with an adjusted gross income of $75000 or more The amount of the credit is The amount of the credit is reduced by $50 for each $1,000 that your income exceeds these levels.

ekkarill92 answered 1 year ago

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