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IRS Tax Tips Feb. 5, 2026
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Issue Number: Tax Tip 2026-10
*Tax credits for individuals*
A tax credit reduces the amount a person owes in income taxes dollar-for-dollar. Some tax credits are even refundable, meaning if a person's tax bill is less than the amount of a refundable credit, they can get the difference back in their refund. The One, Big, Beautiful Bill [ [link removed] ] has brought enhancements to some of these credits.
Here’s a quick overview of some of the more common credits:
*Tax credits*
* *Child Tax Credit [ [link removed] ]* helps families with qualifying children. For 2025, the amount is up to $2,200 per qualifying child.
* *Child and Dependent Care Credit [ [link removed] ] *can reduce federal income tax by claiming the credit for child and or dependent care expenses while the person worked or was looking for work.
* *Saver’s Credit [ [link removed] ]* may be available if a taxpayer made eligible contributions to their IRA or employer-sponsored retirement plan. The maximum credit is $1,000 ($2,000 if married filing jointly).
*Refundable tax credits*
* *Earned Income Tax Credit [ [link removed] ]* helps low to moderate-income workers and families get a tax break. The amount of the credit may vary based on income, family size and filing status.
* *Premium Tax Credit [ [link removed] ]* is available to taxpayers who buy their health insurance through the Health Insurance Marketplace and meet other criteria. It’s a refundable credit based on the taxpayer’s income and the cost of their healthcare plan.
* *Fuel Tax Credit [ [link removed] ]* may be claimed if fuel was purchased for use for off-highway business and farming purposes.
*Partially refundable tax credits*
* *Additional Child Tax Credit* is a refundable portion of the CTC. For 2025, up to $1,700 per qualifying child may be refundable.
* *Adoption Tax Credit* [ [link removed] ] is available to taxpayers who finalized an adoption in 2025 or started the adoption process before 2025. The maximum amount, for 2025, is $17,280 per eligible child. The refundable amount is up to $5,000 per qualifying child. However, any nonrefundable amount carried forward can’t be used to calculate a refundable portion for future tax years.
* *American Opportunity Tax Credit [ [link removed] ]* helps offset qualifying education expenses for an eligible college student. The amount is up to $2,500 per year and up to $1,000 is refundable.
It’s important for people to keep records to show their eligibility for the tax credits they claim. Unfortunately, scam promoters [ [link removed] ] can share misleading information about credits while trying to promote large refunds. The IRS Interactive Tax Assistant [ [link removed] ] can help a person decide if they're eligible for many popular tax credits and deductions.
*More information*
* Tax credits for individuals: What they mean and how they can help refunds [ [link removed] ]
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