What Are Tax Credits? - Definition & Types


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What is a tax credit?

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1. Which of the following tax credits should you apply for if you are working but don't earn that much?

2. How much credit can the Lifetime Learning Credit give you?

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About This Quiz & Worksheet

The quiz/worksheet combo is a tool designed to assess your familiarity with tax credits and their characteristics. In order to pass the multiple-choice quiz, you need to know what a tax credit is and be able to identify the different types.

Quiz & Worksheet Goals

Examining our materials gives you the opportunity to assess your knowledge of the following topics:

  • The amount a Lifetime Learning Credit can give you
  • Filing statuses that are and are not acceptable for the Child and Dependent Care Credit
  • What a tax credit is
  • The type of tax credit you should try to get if you are working but don't earn a lot of money

Skills Practiced

  • Interpreting information - verify that you can read information regarding the meaning of tax credit and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the different types of tax credits available today
  • Critical thinking - apply relevant concepts to examine information about qualifying for tax credits in a different light

Additional Learning

If you look at the lesson called What Are Tax Credits? - Definition & Types, you can explore more details about these credits. Some goals you can also complete include:

  • See what tax credits go towards
  • Figure out how to file for a tax credit
  • Review characteristics of different tax credits