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June 1, 2019
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What does federal credits mean? Is it an actual dollar amount that ill receive?

  • June 1, 2019
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Best answer by PaulC1

Not exactly; it depends on the type of credit and the rest of your return. If you owe tax, Credits can reduce the amount you owe. If you are owed a refund, Refundable Credits can increase that amount, but Nonrefundable credits will not be applied.


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PaulC1Answer
June 1, 2019

Not exactly; it depends on the type of credit and the rest of your return. If you owe tax, Credits can reduce the amount you owe. If you are owed a refund, Refundable Credits can increase that amount, but Nonrefundable credits will not be applied.