While you’re getting your paperwork together and preparing to file your taxes this spring, don’t forget to consider your available credits. Tax credits directly reduce the amount of tax you owe or increase your refund. Some tax credits are even refundable — that means if you owe only $1 in taxes but qualify for a $500 credit, you’ll get back the difference of $499. You don’t want to miss those if you qualify!¹ Take a look at some common tax credits below.

Child Tax Credit

Qualifying taxpayers with dependent children under age 17 may be able to claim up to $2,200 per qualifying dependent — with up to $1,700 of that being refundable through the Additional Child Tax Credit. Find out more and determine if you qualify here. If you qualify for the Child Tax Credit, you might also qualify for the Child and Dependent Care Credit.

Earned Income Tax Credit

This tax credit gives low- to moderate-income earners a tax break, and it’s also refundable, like the Child Tax Credit. You may be able to claim the Earned Income Tax Credit for tax year 2025 if you’ve worked, your income is under a set threshold and you have no more than $11,950 in investment income. There are a few other criteria to qualify, and the credit amount varies based on your income, filing status and the number of qualifying children. Find out more and check if you qualify here.

Education Credit

Are you (or your dependent) getting a higher education? You may qualify for an education credit. This credit reduces the tax you owe on your tax return, which helps with the overall cost of college. There are two education credits available: the American Opportunity Tax Credit and the Lifetime Learning Credit. Note that you cannot apply for both at the same time.

American Opportunity Tax Credit: This credit helps with educational costs and applies to eligible students for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student, with $1,000 of that being refundable. There are several criteria to meet, and there may be consequences for falsely applying, so make sure to read all the eligibility requirements before taking any action.

Lifetime Learning Credit: For eligible students enrolled in eligible schools, this credit can help pay for tuition and related expenses, like undergraduate, graduate and professional degree courses. There is no limit to the number of years you can claim this credit, and it’s worth up to $2,000 per tax return. Learn more here.

Retirement Savings Contributions Credit (Saver’s Credit)

If you made certain contributions to an employer-sponsored retirement plan or an individual retirement arrangement (IRA), you may qualify for this tax credit. The amount you qualify for depends on your adjusted gross income and the amount of the contributions you made. Learn more.

For a full list of tax credits and deductions that might lower your tax bill, visit IRS.gov.

Upcoming Expiring Credits

Under the One Big Beautiful Bill, some credits have an accelerated termination, with most expiring in late 2025. Now might be your last chance to qualify for and claim these credits before they’re gone.

Clean vehicle tax credits: If you purchased a qualifying new or used plug-in electric vehicle before September 30, 2025, you may be eligible for a clean vehicle tax credit. These credits will not be allowed for any vehicle you acquired after September 30, 2025. Learn more here.

Home energy credits: You may be eligible for a Residential Energy Credit or an Energy Efficient Home Improvement Credit if you made qualifying energy-saving improvements to your home. These credits will not be allowed for any expenditures or improvements made after December 31, 2025. Learn more here.

To view a full list of expiring credits, visit this page.

Get the TurboTax^® Perk for Grow Members

There are dozens of credits and deductions available, so the best way to ensure you’re in the best possible tax position is to work with a certified tax professional. When you’re ready to file, don’t forget that Grow members are eligible to save 20% on Federal TurboTax^® online products.²

Did you know that taxpayers with an Adjusted Gross Income (AGI) of $84,000 or less may qualify for free federal tax filing through the IRS Free File program? Find out about free filing options at IRS Free File.

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