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TIL! Every tax form I’ve ever filled out has an instruction like: > Enter the lesser of lines X and Y when applying deductions and credits to prevent them fr
by r3trohack3r 3y ago
TIL!
Every tax form I’ve ever filled out has an instruction like:
> Enter the lesser of lines X and Y
when applying deductions and credits to prevent them from exceeding some value.
I’m surprised to learn that the EIC isn’t clamped like this.
- lokar 3y agoIt is a refundable credit
- FrobeniusTwist 3y agoAs noted elsewhere, the EITC is a so-called "refundable" credit. It wouldn't serve its intended purpose if it wasn't refundable.