Married couples filing jointly can receive a credit of up to $2,000, while individuals may receive a credit of up to $1,000. Some of the criteria that determines eligibility for the credit are as follows:
· For someone Single, Married Filing Separately, or Qualifying Widow(er), income
cannot be greater than $28,750.
· For those filing as Head of Household, income cannot exceed $43,125.
· For couples that Married Filing Jointly, income cannot be greater than $57,500.In addition, you cannot have been a full-time student during 2012, cannot have been claimed as a dependent on anyone else’s tax return and you must be at least 18 years old.
It is possible that you may also be eligible for additional tax benefits based on your income level. Often all or part of any contributions to a traditional IRA can be deducted. Check with your tax professional to find out what benefits you may be eligible for.