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KSM94
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Posted: 01 Apr 2009 at 18:22 | IP Logged  

 

Identify Non-Refundable Credits

              Earned Income Credit     Adoption Credit

A-                 YES                               NO

B-                  YES                              YES

C-                 NO                                YES

D-                 NO                                NO

Please help me in identifying the correct answer

Thanks

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anton207
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Posted: 01 Apr 2009 at 18:32 | IP Logged  

KSM94 wrote:

 

Identify Non-Refundable Credits

              Earned Income Credit     Adoption Credit

A-                 YES                               NO

B-                  YES                              YES

C-                 NO                                YES

D-                 NO                                NO

Please help me in identifying the correct answer

Thanks

 

 I think it's answer C. Refundable are Earned Income Credit, Child Tax Credit and Excess FICA



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shalgo
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Posted: 01 Apr 2009 at 18:42 | IP Logged  

Refundable credits are-

1.Earned income credit

2.Child tax credit

3.withholding taxes(W-2)

4.Excess Social security paid

So the answer is C.



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KSM94
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Posted: 01 Apr 2009 at 19:06 | IP Logged  

Hi anton207 / Shalgo

Thanks for the clarification, I also checked adoption credits are non-refundable.

Really appreciate your responses

Thanks

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arushi_13
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Posted: 01 Apr 2009 at 20:06 | IP Logged  

I remember vaguely when I took a class at HR Block that Child tax credit is non-refundable whereas Additional Child Tax credit is refundable.. Can someone please explain whether this is true and if yes what is the difference between the two?

Thanks a ton.



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