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ferryljr
New Member

What is tax liability? Why did my entire $11,000 get carried over to next year and will I receive the full amount no matter?

I'm upset because arrow point will be increasing my payment and I received nothing back. The entire credit was carried over so will there be an issue next year too. Very upsetting.
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DawnC
Employee Tax Expert
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

What is tax liability? Why did my entire $11,000 get carried over to next year and will I receive the full amount no matter?

Your tax liability is the total amount of taxes you owe for the year.   It is Line 24 on your tax return.   Some credits are refundable and some are non-refundable.   You are describing a non-refundable credit, although I am not sure which credit you are referring to.   Non-refundable credits can only lower your tax liability to zero; they can't generate a refund.    With non-refundable credits, you have to owe taxes to get any benefit.   If your tax bill is zero, a non-refundable tax credit won't change your tax return.  

 

Some credits do carry forward so you can use them in later years, while other credits are only available in the current year.   Which tax credit are you claiming?   More information on tax credits can be found here.  

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DawnC
Employee Tax Expert
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

What is tax liability? Why did my entire $11,000 get carried over to next year and will I receive the full amount no matter?

Your tax liability is the total amount of taxes you owe for the year.   It is Line 24 on your tax return.   Some credits are refundable and some are non-refundable.   You are describing a non-refundable credit, although I am not sure which credit you are referring to.   Non-refundable credits can only lower your tax liability to zero; they can't generate a refund.    With non-refundable credits, you have to owe taxes to get any benefit.   If your tax bill is zero, a non-refundable tax credit won't change your tax return.  

 

Some credits do carry forward so you can use them in later years, while other credits are only available in the current year.   Which tax credit are you claiming?   More information on tax credits can be found here.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

What is tax liability? Why did my entire $11,000 get carried over to next year and will I receive the full amount no matter?

many credits are nonrefundable which means they can only be used to reduce what you owe to zero. you can never get them back as a refund.  

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