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Sep 16, 2024
4:23
:52
pm
SalmonOfCapistrano
All-American
yes to the first question, but avoid the word "deduction" here for clarity.
Since usually deduction refers to something else when talking about taxes
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SalmonOfCapistrano
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Pedant
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SalmonOfCapistrano
Joined
Feb 1, 2012
Last login
Sep 19, 2024
Total posts
11,004 (76 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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