Publication 970 2024, Tax Benefits For Education Internal Income Service
For instance, if a taxpayer qualifies for the total $2,500 credit however owes $1,200 in taxes, the primary $1,200 eliminates their tax invoice. The remaining $1,300 is topic to the 40% refund rule, meaning they receive $1,000 as a refund, with the extra $300 unused. If they owe $3,000 in taxes, the complete https://tax-tips.org/ $2,500 … Read more