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If you claim tax credits that exceed the tax owed is the excess credit lost or can it be claimed in the following year?
Wiki User
∙ 14y ago
If you claim a tax credit that exceeds the tax owed, you may be able to carry it over to the following year but it depends on the type of credit. General business credits, foreign tax credits, and low income housing credits are a few examples of credits that can be carried over. Credits claimed by the every day taxpayer, however, such as education credits and child-related credits, cannot be carried over to the following tax year.
A related question is whether you can receive a refund for the excess credit in the current year. The answer is yes if is a refundable credit:
A refundable tax credit allows taxpayers to lower their tax liability to zero and receive a refund for the portion of the credit remaining.
A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero. Any excess credit remaining is lost.
The attached link discusses some refundable and nonrefundable credits. Once you get to the IRS website, type the specific credit you are curious about in the Search box to find out if it refundable or eligible for carryover.
Wiki User
∙ 14y ago
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Why are customers given credit limits?
To ensure they dont exceed their ability to pay
Which of the five Cs of credit require that a person's assets exceed his or her liabilities?
capacity
Henry had charged 612 dollars to his credit card the cost of the next purchase caused him to exceed his credit limit of 2000 dollars?
2000<612+c
Henry had charged 612 dollars to his credit card The cost of his next purchase caused him to exceed his credit limit of 2000 dollars?
2000<612+c
What happens if you exceed your credit limit?
In most cases you will receive a over limit fee.Sometimes if you call the credit card company and ask, they may give you credit if this is your first time .and have always paid on time.
Can I do a year at any university and then transfer to Tisch school of performing arts?
Typically you can transfer college credits from a University. The guidelines for Tisch School of Performing Arts state, "Students admitted as transfers may apply AP and IB credits to the record, as long as these credits when added to transferred college credit do not exceed departmental limits of transfer credits."
CC amounts will not exceed the amount of which of the following?
$3,000
Why are customers given credit limits?
To ensure they dont exceed their ability to pay
Why customer given credit limits?
To ensure they dont exceed their ability to pay
Which of the five Cs of credit require that a person's assets exceed his or her liabilities?
capacity
Customers are given Credit Limits...?
To ensure they dont exceed their ability to pay
What is the meaning of credit control?
For any businesses which provides "open terms" policy to their customers, it is important to have a cap on the amount of credit given. Every customer is given different amount of credit in relation to their sales turnover.These credits are monitored on a daily, weekly or monthly basis according to individual companies requirement.A person from the finance dept or marketing is appointed to ensure the total invoice value at any point of time do not exceed the credit amount agreed.
What do you do with the 1099-Q form?
If there were qualified education expenses equal to the distribution you don't do anything. If the expenses exceed the distribution amount the difference can be claimed as an education credit or tuition and fees adjustment. If the distribution exceeded the qualified expenses see Publication 970 to figure the taxable amount.
Are casino losses tax write offs?
Yes, but only to the limit of gambling wins. Losses can not exceed the amount of claimed wins.
Can you overdraw on a credit card?
Yes, but the card issuing bank would charge you over limit fee and other additional fees if you exceed your credit limit
Henry had charged 612 dollars to his credit card the cost of the next purchase caused him to exceed his credit limit of 2000 dollars?
2000<612+c
Henry had charged 612 dollars to his credit card The cost of his next purchase caused him to exceed his credit limit of 2000 dollars?
2000<612+c
