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Other Credits Not Shown on Another Schedule Describe Form

Other Credits Not Shown on Another Schedule Describe Form

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schedule three is where you'll report any additional credits that you are due or payments that were made remember that deductions reduce your taxable income which then has a percentage applied against it to determine your tax savings but credits directly reduce the tax you owe dollar for dollar most tax credits are non-refundable which means that any excess amount expires the year in which it is used and is not refunded to you however some tax credits are refundable and can actually increase your tax refund so first up the non-refundable credits you might have some foreign tax credits for amounts paid to foreign countries this is not something you're actively doing but it's something that's happening within your brokerage account as a result of your asset holding Holdings credit for Child Independent care is a line that is common to have on your return if you have children who are in daycare after school programs and even some summer camps the calculatio

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