Deductions & credits

No, a nonrefundable tax credit means you can get credit for the taxes that you owe, but you cannot reduce your taxes past zero.

• If you had $1,000 withheld from your paycheck.
• You owe $600 in federal income tax.
• You will get a $400 refund simply because you had more withheld than you owe.
• If you have a $700 nonrefundable credit it can reduce your taxes by the $600 that you owe in taxes, but no more.
• In this case you would not be able to take advantage of the last $100.
• The initial refund makes no difference.

You can preview your tax return by going to: Make note of line 24 - Total Tax

1. On the menu bar on the left that shows.
   1. My Info
   2. Federal
   3. State
   4. Review
   5. File
2. Select Tax Tools
3. On the drop-down select Tools
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.
8. Schedules 1,2&3 are included if you scroll down past your 1040.
9. To return to the entry screens press Back on the sidebar.

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 - Withholdings.

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

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