I guess I'm unclear on what non-refundable means

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Feb 1, 2023
3:29:46pm

Heath Squashwell All-American

I guess I'm unclear on what non-refundable means

I know this $7500 is nonrefundable on your taxes. Does that mean as long as your total tax liability is high enough you can write it off? Like if I'm already getting a $2000 tax return could this make it $9500 as long as I had paid enough in taxes through the year?

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Heath Squashwell

Previous username: Barrio Coug
Bio page: Heath Squashwell
Joined: Dec 31, 2015
Last login: Apr 26, 2024
Total posts: 11,566 (57 FO)

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Messages

Author

Time

If you want the $7500 tax break for a PHEV purchase, do you have to withhold

ldssdl

2/1/23 2:02pm

No. But you do have to have the tax liability.

byubyu

2/1/23 2:03pm

Yeah i was thinking about this. Might be worth it to remove any deductions

Heath Squashwell

2/1/23 2:04pm

I don't believe changing deductions makes any difference.

Seabag

2/1/23 3:25pm

I guess I'm unclear on what non-refundable means

Heath Squashwell

2/1/23 3:29pm

That's the same questions I had.

Seabag

2/1/23 3:44pm

You are correct

JamieTartt

2/1/23 4:04pm

Say I qualify for a child tax credit and actually got money back this year...

2/4/23 8:23am

You need to look at you tax liability. Not what you might have gotten back.

byubyu

2/4/23 8:31am

<< Deleted >>

2/1/23 2:05pm

You claim the purchase on your tax return and it reduces your taxes $7,500

JamieTartt

2/1/23 4:00pm

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