Issue 11 - 75th Anniversary Edition

IT'S INCOME TAX FILINGSEASON Tax Credits May Reduce What You Owe! There are several tax credits that may save you money on your 2021 federal income taxes if you make sure to claim them. Education Credits You may qualify for the American Opportunity Tax Credit if you’ve paid college tuition and other covered expenses for your children. It could be worth up to $2,500 per student each year for four years. There’s also a separate Lifetime Learning Credit that could be worth up to $2,000 per return for educational expenses that aren’t restricted to college. Income limits apply to qualify for these credits. Earned Income Tax Credit You may qualify for this credit if you have earned income and a maximum adjusted gross income (AGI) from $21,430 to $51,464 for single filers and from $27,380 to $57,414 for married joint filers. The credit’s value depends on the number of qualified dependents claimed. Child Tax Credit Your family income and the number and ages of your children determine the amount of this credit. If you received 50 percent of the payments in advance during the last half of 2021, you’ll need to claim the credit to receive the balance due to you. Child & Dependent Care Credit You may be eligible for this credit if you’ve hired caregivers for children or other dependents so that you could work or look for work. Recovery Rebate Credit You may claim this credit if you qualified for Economic Impact Payments, also known as stimulus payments, from March to December 2021, but did not receive all of them. The government issued these payments on a sliding scale based on income. MANAGE YOUR MONEY MX Money Management allows you to: • Access all your financial accounts in one place • Get powerful insights on where, when, and how you spend • Tailor your budgets to your life by creating custom budget categories • Create, manage, and visualize your goals • Access your accounts anytime, anywhere, via mobile Access this free budgeting tool directly through Online Banking or your mobile app. Visit IRS.gov to find out if you qualify to receive FREE filing. 4 The information herein is general/educational in nature & should not be considered financial or legal advice. Consult an attorney or finance professional regarding your specific situation.