Don't Miss Out on Federal Tax Credits in 2021

Don't Miss Out on Federal Tax Credits in 2021
Posted on 02/19/2021
Image of Woman in flyer talking about tax credits available in 2021

Three federal tax credits are available this tax season to qualifying taxpayers to reduce your annual tax bill or contribute to a refund.

The Earned Income Tax Credit worth up to $6,600 in 2021 will provide working families with an economic boost next year. In addition, a new Colorado state law allows Individual Taxpayer Identification Number filers—many of whom are immigrant or refugee families—to claim the state EITC, which is 10% of the federal credit.

The Child Tax Credit is a partially refundable tax credit worth up to $2,000 per qualifying child and $500 per qualifying dependent. The credit is available for adjusted gross incomes under $200,000 for single filers and under $400,000 for married couples filing jointly. Families must meet additional eligibility requirements.

The Child and Dependent Care Tax Credit is a nonrefundable tax credit that provides 20% to 30% of up to $3,000 of child care and similar costs for a child under age 13, an incapacitated spouse or parent, and another dependent (and up to $6,000 of expenses for two more dependents) to allow parents or guardians to work. The value of the credit decreases for higher-income earners. Families must meet additional eligibility requirements.

Learn more about these federal tax credits at GetMyRefundCO.org or IRS.gov. And get free tax help if you earn $57,000 or less and estimate your refund at GetMyRefundCO.org.

Download this handy flyer as a reminder. Also available in Spanish, Korean, Vietnamese, Chinese, Amharic, Tigrinya, Burmese, Russian, French, Karen, Arabic and Nepali.

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