For the United States. I need this information for a family project, and I also need something to cite. Can anyone help out?
What is a Tax Credit, and how do I get one?
There are quite a few tax credits. These fall into two types: Refundable, and Nonrefundable. Refundable credits can lower your tax liability to below 0 so that your refund can be higher than what you put into it yourself. Nonrefundable credits never lower your tax liability below 0.
Examples of Refundable credits: Earned Income Credit, Additional Child Tax Credit.
Examples of Nonrefundable credits: Education Credit, Retirement Savings Contribution Credit.
Look at the 2nd page of the 1040 form for more available credits -- you can pull one up at http://www.irs.gov
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