Federal Tax Deductions and Credits for Individuals
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Identify federal tax deductions and credits for individuals.1
- Explain eligibility criteria for federal tax deductions and credits for individuals.1
- Estimate the tax impact of claiming a federal tax-deduction or credit for individuals.
- Identify federal non-refundable tax credits that may be transferred from a taxpayer to their spouse or common-law partner if the taxpayer does not require the whole amount to reduce their federal tax to zero.2
- Identify federal non-refundable tax credits that may be transferred from a taxpayer’s child to the taxpayer if the child does not require the whole amount to reduce their federal tax to zero.
- Identify that federal foreign tax credits may exist for income earned or received from a foreign country.
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