Foreign Tax Credit and Other Credits for Individuals

Lecture Content

The IRS offers an extensive array of tax credits. All credits are subject to varying restrictions and may be dependent upon filing status, gross income and other limiting factors.

Topics Covered

* Rules for claiming the foreign tax credit
* How to complete Form 1116 Foreign Tax Credit
* Rules for claiming the American opportunity credit and lifetime learning credit
* Effect of credits on distributions from education savings accounts
* Scholarship and fellowship exclusion from income
* How to complete Form 8863 Education Credits
* Rules for claiming the retirement savings contributions credit
* How to complete Form 8880 Credit for Qualified Retirement Savings Contributions
* Rules for claiming residential energy credits
* Credit for prior year minimum tax
* Plug-in electric drive motor vehicle credit
* Mortgage interest credit
* Credit for elderly & disabled
* Excess social security tax withheld credit
* Credit for undistributed long-term capital gain

Terms of Use or Enrollment

Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.