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A. Tax Credits in General
注釋：對(duì)于tax credit是否可返還（refund or not）需要記憶。
1. Personal Tax Credits：nonrefundable
Personal tax credits mayreduce personal tax liability to zero，but they may not result in a cash refund. Personal taxcredits include：
注釋：Personal tax credits可以把應(yīng)納稅額減少至0，但是不可以產(chǎn)生任何退稅。
a. Child and dependent carecredit
b. Elderly and permanentlydisabled credit
c. Education credits
（1）Lifetime learning credit
?。?）American opportunity credit
d. Adoption credit
e. Retirement savingscontribution credit
f. Foreign tax credit
g. General business credit
2. Refundable Credits： Refund
Refundable credits aresubtracted from income tax liability. They may result in a cash refund when thecredit exceeds tax liability owed even if no tax is withheld from wages.
注釋：Refundable credits是可以從應(yīng)納稅額中進(jìn)行抵減的。如果Refundable credits大于應(yīng)納稅額，就會(huì)會(huì)產(chǎn)生退稅。以下5種Refundable credits需要記憶。
a. Child tax credit（refund is limited）
b. Earned Income credit
c. Withholding taxes （W-2）
d. Excess SocialSecurity paid
e. Long-Term Unused MinimumTax Credit
B. Child and Dependent CareCredit
A tax credit of 20% to 35% ofeligible expenditures：
2013 Maximum Expenditures
One dependent: $3,000
Two or more dependents: $6,000
1. Eligible People（Kids）
a. A qualifying child，under age 13，for whom an exemption may beclaimed.
b. Any disabled dependent
c. A spouse who is disabledand not able to take care of himself or herself
2. Eligible Expenses
Eligible expenditures must befor the purpose of enabling the taxpayer to be gain employed（i.e.，allowing that person to work orlook for work）。
a. Babysitter
b. Nursery School
c. Day Care
3. Credit Computation：Minimum 20%
C. Credit for the Elderlyand/or Permanently Disabled
1. Eligibility
This credit of 15% of eligibleincome is available to individuals who are：
a. 65 years of age or older or
b. Under 65 and retired due topermanent disability.
注釋：滿足這類credit的條件是大于65歲或者由于永久性殘疾而退休。
C. Credit for the Elderlyand/or Permanently Disabled
1. Eligibility
This credit of 15% of eligibleincome is available to individuals who are：
a. 65 years of age or older or
b. Under 65 and retired due topermanent disability.
注釋：滿足這類credit的條件是大于65歲或者由于永久性殘疾而退休。
D. Education Tax Incentives
Assuming the requirements aremet，a taxpayer has the opportunityto reduce and/or avoid taxes by taking advantage of the American OpportunityCredit， the Lifetime Learning Credit， and/or a non-taxabledistribution from a Coverdell Education Savings Account used to pay highereducation costs.
1. The American OpportunityCredit
The American OpportunityCredit（a modification of the HopeScholarship Credit）is available against federal income taxes for qualifiedtuition，fees，and course materials（including books）paid for a student's first fouryears of post secondary（college）education at an eligible educational institution.
a. The credit is equal to （maximum credit of $2，500 in 2013）：
（1） 100% of the first $2，000 in 2013 of qualified expenses， plus
（2） 25% of the next $2，000 in 2013 of expenses paid duringthe year.
b. The qualified expenses areon a “per student” basis and must be incurred on behalf of the：
?。?） Taxpayer，
（2） Taxpayer's spouse， or
c. For 2013，the credit phase out begins withmodified AGI exceeding $80，000（$160，000 on a joint return），with full phase out at $90，000（$180，000 joint）。
2. The Lifetime LearningCredit
The Lifetime Learning Creditis available for an unlimited number of years for qualified tuition and relatedexpenses（except books） at eligible educational institutions.
a. The credit is equal to 20%of qualified expenses up to $10，000.
b. For 2013， the credit phase out begins withmodified AGI exceeding $53，000（$107，000 on a joint return），with full phase out at $63，000 （$127，000 joint）。
E. Adoption Credit
A credit for qualifyingexpenses of adopting a child is available.
1. Limit （disregarding potentialemployer-provided benefits， which are beyond the scope of the exam）
2013
Per child: $12,970
Special needs child: $12,970
2. Phase-out
The credit is phased out formodified adjusted gross income between：$194，580 - $234，580
3. Eligible Expenses
a. All reasonable andnecessary expenses，costs，and fees are available for the credit.
b. The credit is not availablefor adopting the child of a spouse or for a surrogate parenting arrangement.
c. Medical expenses do notqualify as eligible expenses.
注釋：Medicalexpenses是不符合條件的開(kāi)銷(xiāo)。
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