4XEJeepOwner
Member
Thanks for the reply. I just talked to a tax person today for the first time. She said if it is in fact "non-refundable" then you need to owe $7,500 to get the full credit. If you owe $10, then the credit amount is only $10.
I think it just depends if the CNBC article is accurate in that the credit is "non-refundable" or they got that part wrong and it is a "refundable" credit.
I myself have not read the Inflation Act and all it's pages.
To be safe I may follow what the article suggested to increase my tax liability. That is, "investors can consider converting a pretax retirement account to a Roth, a type of after-tax account" --OR-- "Workers can also adjust the tax withholding on their paychecks, opting to withhold less and thereby increasing the taxes they owe." I didn't make money with my stocks sold this year, so that's not an option for me.
I think it just depends if the CNBC article is accurate in that the credit is "non-refundable" or they got that part wrong and it is a "refundable" credit.
I myself have not read the Inflation Act and all it's pages.
To be safe I may follow what the article suggested to increase my tax liability. That is, "investors can consider converting a pretax retirement account to a Roth, a type of after-tax account" --OR-- "Workers can also adjust the tax withholding on their paychecks, opting to withhold less and thereby increasing the taxes they owe." I didn't make money with my stocks sold this year, so that's not an option for me.
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