Tax Expert Noel Spencer: Tax Credit

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.
• A refundable tax credit means you get a refund, even if it's more than what you owe
• Education credits
• Retirement Savings contributions credit
• Residential Energy Credits
• Other Credits (Form 3800)
• Earned Income Tax Credit
• Child and Dependent Care Credit
• Adoption Credit
• Child Tax Credit
• Credit for the Elderly or Disabled