While you’re getting your paperwork together and preparing to file your taxes for tax year 2024 by April 15, 2025, don’t forget to consider the 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 Here are five tax credits you won’t want to overlook.

Child Tax Credit

Qualifying taxpayers with dependent children under the age of 17 may be able to claim up to $2,000 per qualifying dependent — up to $1,700 is refundable. 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 is designed to give 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 (EITC) for tax year 2024 if you’ve worked and earned income under a set threshold and have no more than $11,600 of 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.

Clean Vehicle Tax Credits

Legislation passed by Congress called the Inflation Reduction Act of 2022 created several new tax credits and deductions to incentivize purchasing qualifying electric vehicles.² If you purchased a qualifying plug-in electric vehicle in 2024, you may be eligible for a clean vehicle tax credit. Learn more about the Electric Vehicle Tax Credit and related credits 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 might qualify for depends on your adjusted gross income and the amount of the contributions you made. Learn more.

Residential Energy Credits

Did you install energy-efficient windows this year? This and many other qualifying energy-saving improvements to your home might have a second benefit: a tax credit. You may be eligible for a Residential Energy Credit if you made certain improvements to your home in tax year 2024. Learn more.

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

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 Financial members are eligible to save 20% on Federal TurboTax^® online products.²

Did you know that taxpayers with an Adjusted Gross Income (AGI) of $79,000 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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