Is the energy credit a nonrefundable tax credit?
This is a nonrefundable tax credit and when your income tax liability is -0- ZERO you cannot use any of the nonrefundable tax credit to reduce your income tax in the current year 2009 You can carry it forward to a future year Form 5695 line 28 Credit carry forward to 2010. If line 27 is less than line 23, subtract line 27 from line 23.
A tax credit is applied to the amount of tax owed by the taxpayer after all deductions are made from his or her taxable income. For example, before credits, if the tax owed to the IRS is $500 and the taxpayer has a tax credit of $200, the total amount owed is $300. If the taxpayer has total non-refundable credits of $600, his or her tax bill will be $0 ($500 tax bill - $600 in non-refundable tax credits).
An example of a non-refundable tax credit is the saver's tax credit, which is available to taxpayers who make contributions to retirement savings plans.
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