I have a question regarding social security tax benefits and social security tax credit. If my only income was Social Security benefits, can I claim the child tax credit?
If some of your Social Security benefits are taxable, you can claim the child tax credit, but there is no social security tax credit to claim. The child tax credit reduces the tax you owe, so you must have some taxable income to claim the credit. If all your income was nontaxable Social Security, you won’t have a tax liability to apply the credit to.
To qualify for the additional child tax credit, you must have earned income. If Social Security was your only income, you aren’t eligible to claim this credit.
What does it mean to be an enrolled agent? Learn more about the roles and requirements of enrolled agent (EA) tax preparers at H&R Block.
Virtual tax preparations let you complete your taxes online from the comfort of your home. Find out how easy remote tax preparations can be at H&R Block.
Tax preparers can have various designation and specialties. Learn how different types of tax preparers at H&R Block can help you in person or virtually.
Learn how to deduct student loan interest with H&R Block. Get information about qualified education expenses and see if a student loan tax deduction applies to you.