Does the Hope Credit and the Lifetime Learning Credit only lower your tax liability?
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stlsigma2 wants to know:
Or are they refund credits also like Earned Income Credit?
Or are they refund credits also like Earned Income Credit?
Tagged with: Earned Income Credit • Hope Credit • Tax Liability
Filed under: True Credit
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They are not refundable so they can only lower your liability. And they fall after the EIC so if the EIC has reduced you to $0 or less they are of no help whatsoever.
They can only lower your tax liability, they aren’t refundable credits.
They only reduce your tax liability. Earned Income credit can be obtained even if you have a zero tax liability if you qualify.