|
Renee,
Actually, in Linny's case, she is correct in that she will not get a refund due to the tax credit. But the only reason that she doesn't, is because her tax liability was already lowered to zero. If it were not zero, then she would use the credit to lower her liability to zero, which would in turn INCREASE HER REFUND by the amount of the credit! You are correct that a credit is a credit, and not a refund. HOWEVER......if you are able to use a credit in order to reduce your tax liability, this COULD increase your refund, OR it could decrease the amount that you still owe the government. Sharon has very eloquently stated what happens and she is absolutely correct. She has given several examples. If you pick the one that matches closest to your situation, you can figure out how the credit will affect you. You ABSOLUTELY CAN get a monetary refund up to the amount of the credit that you can use to reduce your tax liability to zero!! The problem for some people, is that their tax liability is already zero, so they cannot use the credit this year.
Linny,
Not to create more personal attacks, but I don't think that MixandMatch is the brightest bulb in the box! For someone to come on a message board entitled "Adoption Tax Credit" and make the statements that he/she did, doesn't lend a lot of evidence that he/she may be a brain surgeon. Besides, MixandMatch acted as though the "tax break", as she called it, is and ADDED benefit to the adopters. Actually, all the tax credit does is help adopters pay off those adoption bills, it's not like we get to stick a big wad of money in our pocket to go blow on big screen TV's!!
MixandMatch,
Your comments were not only out of line, short-sighted, and ignorant, but also totally ignored the whole reason why people come onto this board. Resent this talk all you want, but do it somewhere else.
|