They are designed to reduce the amount of taxes you owe. Tax credits can be either refundable or non-refundable. Refundable credits, like the Recovery Rebate Credit, can result in a refund if the ...

The benefits of your tax credit may be curbed by whether the credit you’re claiming is refundable or non-refundable. A refundable tax credit means you may be eligible for a tax refund.

Saver's Credit (Retirement Savings Contributions Credit): Encourages low- and moderate-income taxpayers to make contributions ...

In 2021, dementia caregivers bore, on average, $12,388 in out-of-pocket costs on behalf of the person with dementia. Here are ...

For non-refundable tax credits, once a taxpayer’s amount owed gets to zero, they won’t get any leftover amount back as a refund. Nonrefundable tax credits are valid in the year of reporting ...

According to information from Columbia University, the TCJA introduced the Credit for Other Dependents, which is a non-refundable credit of up to $500 for each dependent who is not eligible for ...