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Get your taxes done using TurboTax
This is not the correct thinking...sorry not trying to offend.
Non Refundable means that based on your income you will then see how much you have to pay in taxes. If you have a really low income, then you might owe zero taxes. If you bought an EV then you would not be able to get the EV Credit.
If you owed zero tax and paid in $7500 in taxes via withholdings (not sure exactly why you would do thing), you would then get your withholdings back of $7500.
Refundable credits are different. You can actually owe zero tax and get a credit because it is 'Refund'able.
Hope that helps to make it clear.
Katherine S 63
‎July 20, 2023
11:43 AM
1,381 Views