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Re: tax credit
Originally Posted By NicksterMommy
A tax credit comes off of the bottom line of how much tax you owe. So, after you complete the whole form, let's say the bottom line is you owe $5,000. Then, there is a blank for how many taxes were withheld from your paychecks throughout the year -- let's say $3,000. Normally, you would owe the government $2,000. At this point, you will include the tax credit (up to $5K for 2001). In my example, if you could claim the full $5K, then you would get a tax refund of $3K.
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