Hot Topics for Refundable Credits

Additional Child Tax Credit

H.R. 1295, the Trade Preferences Extension Act of 2015 added  a provision for tax returns filed after December 31, 2014 about the additional child tax credit. No portion of the child tax credit is refundable if a taxpayer chooses to exclude foreign earned income from their gross income during the same tax year.  

Education Credits

H.R. 1295, the Trade Preferences Extension Act of 2015 added  a provision that does not allow an education credit, American opportunity credit, hope scholarship credit, and lifetime learning credit, unless the taxpayer, spouse or dependent receives the Form 1098-T, Tuition Statement. The legislation allows the Commissioner to provide for exceptions to this rule. This provision applies to taxable years beginning after the date of the enactment of this Act. The act was signed into law on June 29, 2015.

Stayed tuned for further information on how the IRS will implement this for the 2016 tax year.

2015 Nationwide Tax Forums 

Be an “A” student on AOTC and other education benefits. Be an A plus student on the ins and outs of Form 1098-T, Tuition Statement and go to the “head of the class” on eligibility requirements and the documentation needed. Join us at the tax forums for "AOTC—Don’t Flunk Out on Education Credits" seminar. Also,  find out how you can get CPE credit for prior year presentations.  See our tax forum page for more information.

Refundable  Credit Webinars

You can still audit or receive continuing education credit for these webinars:

Learn how to avoid common errors and penalties when determining eligibility for IRS Refundable Tax Credits such as the American Opportunity Tax Credit, Child Tax Credit and Earned Income Tax Credit. You’ll also hear how due diligence can benefit you, your clients and your business. IRS subject matter experts will offer tips and resources to help you prepare and file accurate claims for refundable tax credits.

This is good information for students, parents and college financial administrators. Learn about education credits and eligibility requirements along with information about the American Opportunity Tax Credits, Form 1098-T and much more. 


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Page Last Reviewed or Updated: 14-Jul-2015