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TAX CREDIT LIMITS

  • Single/head of household – lesser of tax liability or $1,000.
  • Married filing jointly – lesser of tax liability or $2,500.
  • Married filing separately – lesser of tax liability or $1,250.
  • Owners of interests in pass-through entities (‘S’ corporation, LLC or partnership)—lesser of tax liability or $10,000. May not also apply for single or married limits.
  • ‘C’ corporation and taxable trusts – up to 75% of estimated tax liability.