Select an item from the list below:

Adoption Credit
If you adopted a child, you may be able to take a credit for qualified adoption expenses of up to $10,630 per child. If you adopted a special needs child you may claim a credit of $10,630 regardless of your expenses. The credit is phased out if your adjusted gross income is over $159,450.
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Child and Dependent Care Credit
If you were working and had dependent care expenses for a dependent child under age 13 or for a dependent or spouse who is disabled, you may be able to claim a credit for these expenses. This nonrefundable credit is calculated based on your dependent care expenses and your income. The maximum credit is $1,050 for the expenses for one qualifying child or $2,100 for more than one child.
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Child Tax Credit
You may qualify for a credit of up to $1,000 per qualifying child. A qualifying child is an individual who is under age 17 at the end of the year, is claimed as a dependent, and meets the definition of a child under the Uniform Definition of a Child as a son, daughter, stepchild, adopted child, grandchild, or eligible foster child.
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The Additional Child Tax Credit
You may receive less than the full amount of the Child Tax Credit because this credit is limited to your available tax liability. In certain cases, you may be entitled to an additional credit in excess of your tax liability. The additional child tax credit is available to taxpayers with an income greater than $11,000 and is a refundable credit. Active duty military members must include combat pay in their earned income calculation for the additional child tax credit. This addition may result in a greater amount of tax refund for the taxpayer. Combat pay continues to be excluded from taxable income under Internal Revenue Code section 112.
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Earned Income Credit
The Earned Income Credit is a refundable credit for low-income workers with earned income. The credit is available for taxpayers with or without children. You could be entitled to a refundable credit of up to $2,853 (if you have one qualifying child), $4,716 (if you have more than one qualifying child), or $428 (if you have no qualifying children or no children at all). You have earned income if you work for someone else or if you are self-employed. Taxable earned income includes wages, salaries, tips, union strike benefits, long-term disability benefits received prior to minimum retirement age, and net earnings from self-employment. For tax year 2006, you may elect to include nontaxable combat pay in earned income for the Earned Income Credit purposes. The ability to decide whether to include the combat pay enables you to choose the largest possible Earned Income Credit. If you qualify for the Earned Income Credit, it reduces the tax you owe. The credit is refundable if your withholdings and earned income credit amount are greater than the tax liability you may have on your tax return.
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Hope and Lifetime Learning Credits
There are two nonrefundable tax credits available for qualified tuition and related expenses for post-secondary education. You may be able to claim a Hope Credit of up to $1,500 for each eligible student. The Hope credit is available for the first two years of qualified post-secondary education. You may be able to claim a Lifetime Learning Credit of up to $2,000 for the family. The Lifetime Learning credit is available every year you, your spouse, or a dependent pays for any qualified education expenses.
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Tuition and Fees Deduction
Instead of claiming the Hope Credit or Lifetime Learning Credit, you can claim a tax deduction for qualified higher education expenses. You can take a deduction of up to $4,000 for qualified tuition and related expenses as an adjustment to income, even if you do not itemize your deductions. Certain restrictions may apply.
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Retirement Savings Contributions Credit
If you contribute to an IRA or an employer-provided retirement account, such as a 401(k), you may be eligible for a credit. The credit is based on up to $2,000 of your contribution for the year. You must be age 18 or older to claim the credit and you cannot be a student or claimed as a dependent on another's return. The credit is in addition to any deduction or exclusion from income for the contribution.
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Credit for Excess Social Security Tax or Railroad Retirement Tax (RRTA) Withheld
The maximum social security taxes or RRTA tier 1 an individual must pay in 2006 is $5,580. If you worked for one employer and paid more than $5,580, you must contact your employer for a refund of the overpayment. If you worked for more than one employer and the combined total of your social security taxes or RRTA is greater than the maximum amount, you may claim the excess taxes paid as a refundable credit on your tax return.
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Foreign Tax Credit
If your Form 1099-INT or Form 1099-DIV shows you paid foreign taxes, you may be eligible to claim either a credit or an itemized deduction for these taxes. Generally, the foreign tax credit results in a greater tax savings than deducting the foreign taxes as an itemized deduction.
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