You spent the year paying down your student loans, contributing to your savings, and having your employer withhold a portion of your paycheck for taxes. Now it’s time to file a tax return and you’re wondering if you can get any of that back. You might. 

The IRS reported last year that taxpayers had left more than $1 billion in unclaimed refunds on the table. To ensure you get what you’re owed this year, take some time to research deductions and credits before you file your return. If you’re not sure which ones you may qualify for, here are some common deductions and credits new tax return filers can take:

More:Worried about money? Women and Gen Z are the most stressed, new research finds

Credits

American Opportunity Tax Credit: If no one else claims you as a dependent, you may qualify for this credit of up to $2,500 for expenses you paid during your first four years of college. 

Find the loan that's right for you: Best personal loans

Earned Income Tax Credit: If you earned little money last year, you may be able to claim this credit. If you are filing as a single individual with no dependents and made less than $18,591, you may qualify for an up to $632 credit. If you're filing as a single individual with three or more dependents and made less than $59,899, you may qualify for an up to $7,830 credit. Information on other maximum credit amounts based on income and number of dependents can be found on the IRS website.

Lifetime Learning Credit: If no one else claims you as a dependent, you may qualify for this credit of up to $2,000 for expenses you paid for post-secondary education and for courses to acquire or improve job skills.

Saver’s Credit: If you are not claimed as a dependent and have contributed to a traditional or Roth IRA or a retirement savings fund, you may qualify for this credit up to 50%, 20% or 10% of your contribution, depending on your income level.

Deductions

Student Loan Interest Deduction: If you made a payment on your student loans in 2024, you may deduct the amount of interest you paid on them or $2,500 from your taxable income, whichever is less. 

The standard deduction: Most people take the standard deduction, the IRS explains, which allows you to subtract a set amount from your income based on your filing status: 

• $14,600 for single filers or those married but filing separately  
• $29,200 for married couples filing jointly or a qualifying surviving spouse  
• $21,900 for heads of households

Deductible expenses: You may be able to deduct a few other expenses including money you put in an IRA or health savings account and money spent on the business use of your car or home. However, just because you work from home doesn’t mean you can deduct expenses for your home office. Workers must meet certain criteria to deduct a portion of their rent or utilities. 

Itemized deductions: If you do not take the standard deduction and choose to itemize your expenses instead, you may also claim deductions for things such as donations to charity, and gambling losses, including money lost on sports bets.

Still confused? Answer these six questions to help you get started on your tax return.

Reach Rachel Barber at [email protected] and follow her on X @rachelbarber_