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Refundable Tax Credit

A tax credit that can result in a refund for the taxpayer, meaning you can get money back even if you don't owe any federal income tax.

Advance Payments

Money paid out to eligible individuals or families periodically (e.g., monthly) throughout the year, rather than as a single amount after the tax year ends.

Household Income

The total income for all members of a household, often used to determine eligibility for certain benefits or tax credits.

Poverty Line

An official measure of income set by the government that determines the minimum amount of income required for an individual or family to afford basic necessities.

Early Childhood Education Program

Educational or developmental programs for young children, typically before kindergarten, such as preschool, Head Start, or licensed private pre-kindergarten.

Modified Adjusted Gross Income (MAGI)

A version of your Adjusted Gross Income (AGI) that includes certain income usually excluded from gross income, often used to determine eligibility for various tax benefits.