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I qualify for renters credit and am head of household now…

ok I qualify for renters...
ok I qualify for renters credit and am head of household now how and where do I fill out necessary paperwork for 120.00 a year and do I ,or can I receive the credit for the past 2 years? thank you for your time mr.greg s. krips
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9/29/2017
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,757
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello again.

The renters credit is only applicable for the current tax year. As it is a nonrefundable credit, it likely won't make sense to go back and amend your tax returns to claim the credit for previous years.

As for where you get the form. It is incorporated in the tax preparation software. There is no stand-alone form.

You do know that the renters credit is not a non-refundable credit, which means that it will not generate an additional refund amount for you, it is just applied towards a reduction of your tax liability.

NON-REFUNDABLE CREDIT DEFINED:

Nonrefundable credits are another great way to decrease your tax bill. A nonrefundable credit is subtracted from your income tax liability, up to the total amount you owe. But unlike a refundable tax credit, a nonrefundable credit cannot reduce your tax balance beyond zero. Any unused portion of a nonrefundable tax credit will expire in the year the credit is claimed and cannot be carried over.

REFERENCE SOURCE:

https://www.irs.com/articles/refundable-vs-non-refundable-tax-credits

If the above information clarifies matters for you, a positive rating is appreciated. Thank you in advance.

Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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