What REFUNDABLE CREDIT means: A credit for which the IRS will send the taxpayer a refund for any amount in excess of the taxpayer's tax liability.
- Definition Realized Gain Or Loss:
- Dictionary The difference between the amount received upon the sale or other disposition of property and the adjusted basis of the property refundable credit definition.
- Definition Recharacterization:
- Dictionary Recharacterization is the process of changing the character of a traditional IRA contribution to a Roth IRA contribution or vice versa refundable credit explain.
- Definition Roth IRA:
- Dictionary Contributions to Roth IRAs, which were introduced in 1998, are not deductible. Earnings grow tax free and qualified withdrawals are also tax free refundable credit what is.
- Definition Recovery:
- Dictionary deduction or creditable expense paid in a previous year that is later refunded to the taxpayer. The recovered amount must usually be included in income in the year it is received, to the extent of refundable credit meaning.
How works Refundable Credit meaning in Tax definitions R .
