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February 7, 2025
Question

We are both on SSA, and will never owe taxes in the future. We have a carryforward tax credit of about $11,000. Is there any way we can cash that in. OR is it lost?

  • February 7, 2025
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    1 reply

    February 7, 2025

    No. A carryforward tax credit is only usable when you have a tax liability.  So unless you have additional income that creates a liability, you would not be able to use the credit.  You cannot "cash it in".  It is use it or lose it, so unless something changes, it is lost. 

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