Are there other credits available to low-to-moderate income taxpayers?
Yes, the Child Tax Credit and additional Child Tax Credit for those who have ?qualifying children?. The Child Tax Credit has also been modified for Tax Year 2009. The income level at which a worker can receive the refundable portion of the Child Tax Credit has been reduced $3,000 in 2009 from $8,500 in 2008. It is estimated that this change will enable the CTC to reach 2.9 million additional children and will provide another 10 million children with a larger credit than they would have received under the previous rules. Other credits available: Child and Dependent Care Expenses Credit, Credit for the Elderly or Disabled; Retirement Savings Contribution Credit, Credit For First-Time Homebuyers, American Opportunity Credit (new education benefit), increased Transportation Subsidy, Up to $2400 of tax-free Unemployment Benefits, Enery Efficiency and Renewable Energy Incentives, Health Coverage Tax Credit (limited to certain types of taxpayers).
