What Year Is It?
Recovery Rebate Credits of $1400 for Single Filers may be given in this year
2021
Code DD Box 12 indicates the client has this
Healthcare
Capital Gains Tax
Low Income Taxpayers who work usually qualify for this credit
Earned Income Credit (EIC)
Alimony is not deductible if the divorce was filed on or after this year
2019
Difficulty of Care Exclusions may apply to W-2's from this
IHSS (In-Home Supportive Services)
Marketplace Insurance subsidies for Taxpayers over the poverty line
Premium Tax Credit (PTC)
Paying Tuition for your Bachelor's Degree can qualify you for this credit
American Opportunity Tax Credit (AOTC)
COVID Related Distributions allow for a 3-year tax deferral that starts with this year
2020
Paid during Injury instead of wages. If checked on a W2, its typically taxable unless there's a Code J on box 12
Third Party Sick Pay
Tax on Sale of Investments for High Income Taxpayers
Net Investment Income Tax
Solar Panel Installation Rebates are part of this credit
Residential Clean Energy Credit
Shared Responsibility Payments and Premium Tax Credits were penalties introduced with the Affordable Care Act(ACA) in this year
2014
If checked on W2, this type of employee files a Schedule C, but won't pay Self Employment Tax
Statutory Employee
Unreported Tips require you calculate these taxes yourself on a 4137
Social Security and Medicare (FICA)
Given to employers to continue to pay workers during COVID
Employee Retention Credit (ERC)
This is the last year of the Tax Cut and Jobs Act
2025
"Sec 125" Box 14 means a taxpayer received benefits from this plan instead of cash
Cafeteria Plan
Tax on certain goods and services (Examples: Highway and Heavy Vehicles, Alcohol, and Tobacco Taxes)
Excise Tax
Fuel Tax Credits, Work Opportunity Credit, and Employer Credit for Paid Family and Medical Leave are examples of numerous credits rolled into this one credit on Schedule 3800
General Business Credit