McKinney Texas Form Publication 501 2024-2025

McKinney Texas Form Publication 501: What You Should Know

Additional Income Credits — Tax credits are money given to people who might otherwise not have enough money to cover basic living expenses, such as housing, food, clothing, transportation, energy, and medical and dental care. They are available for people who have less than the federal poverty level, people who are elderly, blind, or disabled, and people who have been out of work, or are seeking work. IRS Notice 2014-49 — Notice 2014-49 describes additional tax credits, known as “nonitemized” tax credits, that can be used by taxpayers to reduce their tax liability. Taxpayers may be able to claim a credit for the cost of a qualifying expense that they incur, or for an eligible expense incurred before November 10, 1989. Other sources of nonitemized Credits include: Expenses a government health insurance plan pays for, or for which a private health insurance plan pays an advance payment; or the cost of items or services included in a general medical or dental insurance policy, which will be reported by the plan at the time of claim receipt. In addition, taxpayers who are under 65 years of age and who are disabled or for whom their benefits are inadequate can claim a nonitemized deduction for items or services that they must pay for because of their disability. The additional nonitemized deductions must be claimed by the individual on an annual schedule filed by the individual, the taxpayer's employer, or both. Under section 4972(c)(3) of the Tax Reform Act of 1986 or section 151(c) of the Affordable Care Act, individuals who are eligible for the Medical Loss Ratio deduction or additional tax credits under section 4972 of the Tax Reform Act of 1986, or who are permanently and totally disabled as defined in section 481 of the Internal Revenue Code, can deduct from taxable income the least of 1000 per month or 35,000 per year. Taxpayers who are elderly, blind, or disabled and are unable to work can claim an additional tax credit (known as the Earned Income Tax Credit or ETC) of up to 3,000 per year.  Eligible taxpayers may claim this credit even if they have other income. The maximum credit is 5,000 per year for individuals and 7,000 per year for married filing jointly. The credit can be claimed on a schedule filed by the taxpayer, an employer, or both. The credit can only be taken for individuals and not for married couples filing separate returns.

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