Friday, March 12, 2010

Taxes > Hope Credit / School Tax Breaks / What does this mean:?

"Because your tax liability is less than the amount of your Education Credit, the amount of your credit is limited from $2100 to $843."





Thanks! ^_^

Taxes %26gt; Hope Credit / School Tax Breaks / What does this mean:?
The education credit is a "non-refundable" tax credit and can't be (in combination of the other non-refundable credits) be more that your tax. So, no, there is no way to get the rest back.
Reply:Education credits can't bring your tax liability below zero. So what it means is that your total tax for the year was 843. The credit brought it down to zero. You will get back everything you paid in.


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