Replies

To: ChicagoConservative27

Aren’t tax credits basically deducted from declared income,
and then simply reduce your tax exposure via the Tax scale?

I’d be surprised if people wind up getting even $2,500 tax
savings.

4 posted on 10/16/2022 1:34:54 PM PDT by DoughtyOne (I pledge allegiance the flag of the U S of A, and the REPUBLIC for which stands.)

To: DoughtyOne

no credits are deducted from the tax liability

6 posted on 10/16/2022 1:37:41 PM PDT by joshua c (to disrupt the system, we must disrupt our lives, cut the cable tv)

To: DoughtyOne

Usually, they allow you to take tax credits over a few years. Alternatively, you could use it to “liberate” money from a 401K or similar account.

14 posted on 10/16/2022 1:57:17 PM PDT by beef (Say NO to the WOE (War On Energy))

To: DoughtyOne

Actually, tax credits are applied as payments against any taxes owed. What you are describing are tax deductions.

35 posted on 10/16/2022 4:14:06 PM PDT by CA Conservative (Texan by birth, Californian by circumstance)

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