Some credits are refundable some are not

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Sep 16, 2024
4:02:46pm

Mikey All-American

Some credits are refundable some are not

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Mikey

Bio page: Mikey
Joined: Jul 12, 2002
Last login: Sep 19, 2024
Total posts: 16,834 (989 FO)

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Messages

Author

Time

Tax experts, I have a question.

BYU71

Sep 16, 4:01pm

Some credits are refundable some are not

Mikey

Sep 16, 4:02pm

Which credit in particular?

Bainge

Sep 16, 4:05pm

I don't know. I didn't know there was

BYU71

Sep 16, 4:08pm

Refundable credits are paid out regardless of taxes due or not

Bainge

Sep 16, 4:17pm

Some credits carry forward if not currently used.

dratax

Sep 16, 4:21pm

Nonrefundable credits, I think.

Plantagenet

Sep 16, 4:56pm

You need to earn more money. Even TNT could answer that question

dratax

Sep 16, 4:22pm

It's so great when you don't earn any money and the IRS leaves you alone

TNT

Sep 16, 4:27pm

yes to the first question, but avoid the word "deduction" here for clarity.

SalmonOfCapistrano

Sep 16, 4:23pm

Yes, tax credit is a reduction of your tax liability or a larger refund.

notsofast

Sep 16, 4:32pm

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