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Deductions & credits
From your example above:
For example,
- I had $4000 withheld from paycheck.
- I owe $3000 in federal tax.
- I qualify for $1000 nonrefundable tax credit.
$3,000 in Federal Tax
$1,000 non-refundable Credit
$2,000 in Federal Tax
$4,000 withheld
$2,000 refund
Don't apply any withholdings until after all credits.
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‎April 12, 2023
5:22 AM