The fastest way to know if EFTC works for you.
Grab your most recent Form 1040. Turn to page 2. Find Line 22 — labeled 'Subtract line 21 from line 18. If zero or less, enter -0-.' That number is your federal income tax after all your existing credits have been applied. If it is above $1,700, you can probably use the full EFTC credit. If it is between $0 and $1,700, that number is roughly your EFTC capacity. If it is $0, your tax liability is already fully offset by other credits — but your children may still qualify for an EFTC scholarship.