{"id":1160,"date":"2018-01-26T19:22:54","date_gmt":"2018-01-27T00:22:54","guid":{"rendered":"https:\/\/www.etax.com\/blog\/?p=1160"},"modified":"2020-05-20T12:23:04","modified_gmt":"2020-05-20T16:23:04","slug":"is-that-credit-refundable","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2018\/01\/26\/is-that-credit-refundable\/","title":{"rendered":"Is That Credit Refundable?"},"content":{"rendered":"

There are two different types of tax credits: refundable and non-refundable. In general, most tax credits aren\u2019t refundable, but there are a few that can add a little extra cash back into your pocket at tax time. There\u2019s a significant difference between the two types, so it\u2019s important to know which category your credit falls into. The Child Tax Credit<\/a> is a popular credit among parent taxpayers. If you have children, you may be eligible to claim $1,000 per child on your tax return.<\/span><\/p>\n

Non-refundable credits reduce the amount of taxes owed to the IRS, and can erase your owed taxes entirely in some cases. So, if you have a tax liability of $1,000 and are eligible to claim a non-refundable tax credit worth $2,000, you\u2019ll reduce your taxes to zero, however the IRS keeps any remaining balance. You won\u2019t receive any money back, and aren\u2019t able to carry it forward to another tax year.<\/span><\/p>\n

Refundable tax credits work a little differently. In the previous scenario, if the tax credit was refundable, your tax debt would still be reduced to zero, though the remaining balance of $1,000 would be refunded to you. These tax credits help to eliminate your tax bill and have an actual refunded amount of the balance on the credit. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

There are two different types of tax credits: refundable and non-refundable. In general, most tax credits aren\u2019t refundable, but there are a few that can add a little extra cash back into your pocket at tax time. There\u2019s a significant difference between the two types, so it\u2019s important to know which category your credit falls […]<\/p>\n","protected":false},"author":1,"featured_media":1637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[12,62,72],"class_list":["post-1160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credits-2","tag-credits","tag-refundable-credits","tag-tax-credits"],"yoast_head":"\nIs That Credit Refundable? - eTax.com\u00ae Blog<\/title>\n<meta name=\"description\" content=\"In general, most tax credits aren\u2019t refundable, but there are a few that can add a little extra cash back into your pocket at tax time.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.etax.com\/blog\/2018\/01\/26\/is-that-credit-refundable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is That Credit Refundable? 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