Important Tax Credits Could Mean a Refund

Tax Credits Carpenter Evert and AssociatesDon’t Miss Out on Tax Credits by Not Filing a Return

Should you file a tax return this year? It’s not always clear, but don’t forget about important tax credits that could result in a tax refund.

Even if you think you don’t need to file a tax return based on your income, you might be missing out on a refund due to a number of tax credits that are available. A helpful tip from the IRS outlines the tax credits you might be missing.

Here are five good reasons why you should file a return, even if you’re not required to do so:

1. Tax Withheld or Paid.  Did your employer withhold federal income tax from your pay? Did you make estimated tax payments? Did you overpay last year and have it applied to this year’s tax? If you answered “yes” to any of these questions, you could be eligible for a tax credit. But you have to file a tax return to get it.

2. Earned Income Tax Credit.  Did you work and earn less than $52,000 last year? You could receive the tax credit as a tax refund if you qualify. Families with qualifying children may be eligible for over $6,000 in tax credit. Use the Earned Income Tax Credit Assistant tool on to find out if you qualify for the tax credit. If you do, file a tax return and claim it.

3. Additional Child Tax Credit.  Do you have at least one child that qualifies for the Child Tax Credit? If you don’t get the full credit amount, you may qualify for the Additional Child Tax Credit. To claim it, you need to file Schedule 8812, Child Tax Credit, with your tax return.

4. American Opportunity Tax Credit.  Are you a student or do you support a student? If so, you may be eligible for this credit. Students in their first four years of higher education may qualify for as much as a $2,500 tax credit. Even those who owe no tax may get up to $1,000 of the tax credit refunded per eligible student. You must file Form 8863, Education Credits, with your tax return to claim this credit.

5. Health Coverage Tax Credit.  Did you receive Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation? If so, you may qualify for the Health Coverage Tax Credit. The Health Coverage Tax Credit helps make health insurance more affordable for you and your family. This tax credit pays 72.5 percent of qualified health insurance premiums. Visit for more on this tax credit.

To sum it all up, check to see if you would benefit from filing a federal tax return. You may qualify for a tax credit even if you don’t have to file. And remember, if you do qualify for a refund, you must file a return to claim it. The instructions for Forms 1040, 1040A or 1040EZ list income tax filing requirements. You can also use the Interactive Tax Assistant tool on to see if you need to file. The tool is available 24/7 to answer many tax questions.


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