Does the Hope Credit and the Lifetime Learning Credit only lower your tax liability?

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Does the Hope Credit and the Lifetime Learning Credit only lower your tax liability?

Or are they refund credits also like Earned Income Credit?

2007-11-11 05:09:45 · 3 answers · asked by stlsigma2 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

They can only lower your tax liability, they aren't refundable credits.

2007-11-11 07:35:37 · answer #1 · answered by Judy 7 · 0⤊ 0⤋

They only reduce your tax liability. Earned Income credit can be obtained even if you have a zero tax liability if you qualify.

2007-11-11 20:44:11 · answer #2 · answered by Gary 5 · 1⤊ 0⤋

They are not refundable so they can only lower your liability. And they fall after the EIC so if the EIC has reduced you to $0 or less they are of no help whatsoever.

2007-11-11 13:29:53 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 4⤋