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Notice 1036 Rev November  Form

Notice 1036 Rev November Form

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hey y'all welcome to Terry's tax tip today we're going to be talking about credit what is a tax credit and what are the different kinds of credits so a tax credit is actually a doll for dooll credit towards taxes paid non-refundable tax credit will allow you to bring your tax liability to zero so let's just say based on your income throughout the year you should have paid $4,000 in taxes and you receed the child tax credit which is a $2,000 non-refundable tax credit so that means that $4,000 of taxes you should have paid is reduced down to $2,000 but let's say that you have three kids so you should receive about $6,000 in child tax credits you only paid $4,000 so you can only take $4,000 in the child tax credit to reduce your tax liability to zero after that we have refundable tax credits refundable tax credits are different than non-refundable tax credits because you're allowed to take them even when you have a zero tax liability thus gi

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