Comprehensive Guide to Nonrefundable and Refundable Tax Credits

What is the Foreign tax credit?

A nonrefundable credit that allows taxpayers to reduce their U.S. tax liability based on taxes paid to foreign governments.

What is the Credit for child and dependent care expenses?

A nonrefundable credit that helps taxpayers offset the costs of care for children or dependents while they work or look for work.

What are Education credits?

Nonrefundable credits that help offset the costs of higher education expenses, such as tuition and fees.

What is the Retirement savings contributions credit?

A nonrefundable credit for eligible taxpayers who make contributions to retirement savings accounts.

What is the Residential clean energy credit?

A nonrefundable credit for homeowners who invest in renewable energy systems for their residences.

What is the Energy efficient home improvement credit?

A nonrefundable credit for homeowners who make energy-efficient improvements to their homes.

What is the General business credit?

A nonrefundable credit available to businesses for various expenses and investments.

What is the Credit for prior year minimum tax?

A nonrefundable credit that allows taxpayers to recover minimum tax paid in previous years.

What is the Adoption credit?

A nonrefundable credit that helps offset the costs associated with adopting a child.

What is the Credit for the elderly or disabled?

A nonrefundable credit available to elderly or disabled individuals to reduce their tax burden.

What is the Clean vehicle credit?

A nonrefundable credit for the purchase of qualified clean vehicles.

What is the Mortgage interest credit?

A nonrefundable credit that allows eligible homeowners to claim a portion of their mortgage interest as a credit.

What is the District of Columbia first-time homebuyer credit?

A nonrefundable credit for first-time homebuyers in the District of Columbia.

What is the Qualified electric vehicle credit?

A nonrefundable credit for the purchase of qualified electric vehicles.

What is the Alternative fuel vehicle refueling property credit?

A nonrefundable credit for the installation of refueling property for alternative fuel vehicles.

What is the Credit to holders of tax credit bonds?

A nonrefundable credit available to holders of certain tax credit bonds.

What is the Amount on Form 8978?

A nonrefundable credit related to the amount reported on IRS Form 8978.

What is the Credit for previously owned clean vehicles?

A nonrefundable credit for the purchase of previously owned clean vehicles.

What is the Net premium tax credit?

A refundable credit that helps eligible individuals and families pay for health insurance premiums.

What is the Amount paid with request for extension to file?

A refundable credit for payments made when requesting an extension to file a tax return.

What is the Excess social security and tier 1 RRTA tax withheld?

A refundable credit for excess amounts withheld from wages for Social Security and Tier 1 Railroad Retirement Tax Act.

What is the Credit for federal tax on fuels?

A refundable credit for federal taxes paid on certain fuels.