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2018 credit
I filed an amended 2018 return to receive home energy tax credit which I received in 2020. Do I need to claim it or just the interest received?
Cynthiad66Answer
Alumni - Intuit
Feb 8, 2021 9:28 PM UTC
No. A tax credit is an amount of money that taxpayers are permitted to subtract, dollar for dollar, from the income taxes that they owe. Tax credits are more favorable than tax deductions because they actually reduce the tax due, not just the amount of taxable income.
Technically, there is no minimum reportable income: any interest you earn must be reported on your income tax return. So, even if you don't receive a Form 1099-INT, you are still legally required to report all interest on your taxes.
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