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Form 1040 - Tax Credits  

CATEGORY: Taxation
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2 CPE Credits

This program covers the tax credits claimed on Lines 48 through 54 of Form 1040. Tax credits are different from deductions from and for adjusted gross income. As opposed to reducing the amount of income subject to taxation, tax credits reduce the amount of tax directly on a dollar-for-dollar basis. As evidenced by the flow of Form 1040, the available credits are applied against the tax liability in a specific order: first, the nonrefundable personal credits, then other nonrefundable credits, then business credits, then the investment tax credit (ITC), and then the refundable credits. Within the group of nonrefundable personal credits, those that cannot be carried over, if they are not fully utilized in the current year, are applied before those that can be carried to other periods.

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