2006-07-21 13:38:05 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
no it is not a refundable type tax credit. this means if you owe no tax at the end of the year and you get all of your withholding back in the form of a refund you will NOT get the credit too.
if you do NOT get all of your withholding back so in other words you are paying some tax then yes it will give you more refund.
i hope this makes sense.
2006-07-21 13:56:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It's not a refund. You can only be credited up to the limit of your tax liability. If you only end up owing $500 in tax, that's the end of it. You only save the $500. If you've have more than that withheld, you get back the difference.
Over all, people are discovering that Hybrid vehicles don't pay off as hyped.
2006-07-22 01:05:02 · answer #2 · answered by misslabeled 7 · 0⤊ 0⤋
Yes, this will give you more of a tax refund or less of a tax bill. Not sure what you mean though by "applicable only if I paid less tax."
2006-07-21 20:45:07 · answer #3 · answered by ? 4 · 0⤊ 0⤋