Tax Credit Calculator
Calculate your eligible tax credits, deductions, and savings. Determine federal, state, and special tax credits based on your income, expenses, and qualifications.
Step 1: Taxpayer Information
Key Tax Credit Information
Tax credits directly reduce your tax liability dollar-for-dollar. Common credits include Child Tax Credit, Earned Income Tax Credit (EITC), Education Credits, and Energy Efficiency Credits.
Step 2: Eligible Expenses & Credits
Common Tax Credits
Child Tax Credit: Up to $2,000 per child
Earned Income Credit: Up to $7,430 (2023)
Education Credits: Up to $2,500 per student
EV Credit: Up to $7,500 for qualifying vehicles
Tax Credit Calculation Results
Total Estimated Tax Credits
Tax Credit Comparison by Income
| Income Level | Child Tax Credit | EITC | Education Credit | Total Potential |
|---|
Tax Credit Formulas & Rules
Child Tax Credit Formula
2024: $2,000 per qualifying child under 17
Phase-out begins at $400,000 (married) or $200,000 (single)
Refundable portion: Up to $1,600 per child
Additional Child Tax Credit (refundable):
15% of earned income above $2,500, up to $1,600 per child
American Opportunity Tax Credit (Education)
100% of first $2,000 of qualified expenses
+ 25% of next $2,000
Maximum credit: $2,500 per student
Phase-out: $80,000-$90,000 (single) / $160,000-$180,000 (married)
40% of credit is refundable
Earned Income Tax Credit (EITC)
Based on earned income and number of children:
• 0 children: Up to $600
• 1 child: Up to $3,995
• 2 children: Up to $6,604
• 3+ children: Up to $7,430
Investment income limit: $11,000 (2024)
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