WHAT IF MY TAX CREDIT IS MORE THAN MY TAXES, DO I GET A REFUND??
The short answer is definitely "yes." You'll get a refund of the difference.
J. McCoy's answer is wrong.
Tax credits can be refundable, non-refundable, or both under certain circumstances. Here is a review of each.
REFUNDABLE TAX CREDITS: Refundable credits reduce your tax to zero and the remainder is refunded to you. Examples of a refundable credit are the First Time Home-buyers Credit and the Earned Income Credit.
NON-REFUNDABLE TAX CREDIT: Non-refundable credits reduce your tax to zero and stop. The remained will NOT be refunded to you. An example of this credit is the Child Care and Dependant Credit.
HYBRID TAX CREDITS: Some credits can be non-refundable, but refundable in certain circumstances. The Child Tax Credit is a good example. The credit in non-refundable unless income is between certain levels, then is becomes partially or fully refundable as the Additional Child Tax Credit.
Hope this helps.
by maria123fam6 years ago
How come my child tax credits have been reduced
by triskiadeka7 years ago
I heard that the 2011 child tax credit will be only $500. What do you know about this ?I also heard that in 2011 we will have to claim our Health Insurance as income if it is a benefit from a job.....
by Sandmark7 years ago
I know for the tax credit the child must be under 17. Does it make a difference if the child is...still in school after 17. I heard it continues after 17 if the child is still in school (college)?
by Bam19947 years ago
I worked for a business that I do not own he paid me in cash. The sum is for this year and part of last is 7,225.He gave me a 1099 Misc form. I paid no taxes on this money.I thought I would be geting a W2 form.I'm ...
by marcals7 years ago
can I get a tax credit for a new air conditioner
by dshlawren7 years ago
i have 6 children is there a limit to the child tax credit
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