- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Thank you for the reply @RobertB4444, are you saying that I would receive a maximum refund of what taxes I had withheld for the year? I am confused because all of the documentation states that a person cannot increase a refund from a nonrefundable tax credit.
From Turbo Tax "A nonrefundable credit essentially means that the credit can’t be used to increase your tax refund or to create a tax refund when you wouldn’t have already had one."
Since I owed $500 my understanding from the above explanation is that the 14,000 tax credit would only apply to the 500 I owe.
Are you able to confirm if it only applies to the 500 or if it also applies to withheld taxes?
Thank you,
April 1, 2024
6:24 PM