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ACA: $0 Penalty for Not Having MEC and Reporting Essentials

Although the ACA penalty is $0 federally after 2018, MEC reporting continues. Forms 1095-A (due Feb 1), 1095-B and 1095-C…

Understanding the Foreign Tax Credit: Form 1116 Rules and FEIE Limits

The FTC lets U.S. taxpayers offset U.S. tax by foreign income taxes paid on income included on their U.S. return.…

Expanded Premium Tax Credit Through 2025: Who Qualifies

The premium tax credit is extended through 2025, letting some households above 400% of poverty qualify. Advance payments reduce monthly…

Understanding the Nonrefundable Adoption Credit: Eligibility and Special Needs

For 2024 the adoption credit is nonrefundable and maxes at $16,810 per eligible child; special-needs U.S. children qualify even without…

2024 Saver’s Credit (Nonrefundable): Eligibility, Rates, and Limits

For 2024, the nonrefundable Saver’s credit gives 50%, 20%, or 10% of qualifying retirement contributions (up to $2,000 per person),…

American Opportunity and Lifetime Learning Credits: Eligibility

Choose AOC for undergraduates (up to $2,500, partially refundable, half-time required) and LLC for flexible or job-skill courses (up to…

Nonrefundable Child and Dependent Care Credit: Eligibility and Limits

Taxpayers who paid work-related care for qualifying persons may claim a nonrefundable credit by filing Form 2441. Limits: $3,000 (one)…

EITC Rules for Qualifying Children: Age, Residency, Joint Return

For 2025, the IRS sets EITC maximums from $649 (no children) to $8,046 (three+ children). Eligibility requires valid SSNs, AGI…