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1 reply

LindaS5247
LindaS5247
April 8, 2025

It is a summary of all of the tax credits that you receive on your tax return.

 

A tax credit is a credit provided by the government that reduces the amount of taxes owed dollar per dollar. Some tax credits are refundable some are not. A refundable tax credit provides a refund of the amount of the credit that still exists after reducing taxes owed to zero. A nonrefundable credit can reduce your tax liability to 0 (zero); however, it cannot result in a refund.  


For 2024, some of the tax credits you may have received may be:

 

  • Child Tax Credit (CTC). ...
  • Earned Income Tax Credit (EITC). ...
  • American Opportunity Tax Credit (AOTC). ...
  • Student Loan Interest Deduction. ...
  • IRA and 401(k) Deductions.
  • Residential Clean Energy Credit
  • EV Tax Credit
  • Savers Tax Credit

 

 

Click here for What Are Tax Credits?


 

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