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What's the difference between Non-Refundable and Refundable Tax Credits?
Most, but not all, tax credits are referred to as non-refundable credits. A non-refundable credit is a tax that can reduce your tax liability to zero, but not below. You must have tax liability on line 46 of Form 1040, line 18 of Form 1040A, or line 43 of Form 1040NR to claim a non-refundable tax credit. A refundable tax credit is a tax credit that can reduce your tax liability below zero. Because it is possible to receive a refund based on these types of credits, the credits are referred to as refundable. |
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What other types of energy efficiency improvements qualify for the tax credits? |
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Homeowners may be able to qualify for the tax credits if they make qualified improvements to windows and doors, storm windows and storm doors; roofing including metal and asphalt roofs; and insulation.... [ read more ]
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Can a homeowner claim $1500 in tax credits for improvements made in 2009, and then again claim tax credits for more improvements made in 2010? |
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No, taxpayers are eligible for a total of $1500 in tax credits for improvements made over the combined two year period.
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