Subtract tax credits from the amount of tax you owe. There are two types of tax credits:
- A nonrefundable tax credit means you get a refund only up to the amount you owe for taxes.
- A refundable tax credit means you get a refund, even if it is more than what you owe.
Credits for Individuals
Subtract tax deductions from your income before you calculate the amount of tax you owe.
Deductions for Individuals
The Interactive Tax Assistant can help.