ST Alpha - "everyone here is saying credit against what you owe, not against liability. if this is true, there's kind of no incentive because the vast majority of" (Reading a Post)

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In response to "It must be the difference between 'you had a tax liability' for the year, not balance due on that liability? -- nm" by Max

everyone here is saying credit against what you owe, not against liability. if this is true, there's kind of no incentive because the vast majority of

Posted by amanda jeans (aka amanda) Apr 12 '21, 10:43

people work jobs with payroll systems that prevent underwithholding to that degree.

"I'll sell my tesla stock to incur an EOY tax liability that allows me to get the credit."

Responses:

It’s a credit against liability just like any other credit. -- nm - spamlet Apr 12, 10:55
It helps wealthy people who owe taxes because they have taxable liability for things other than wages. Sales of stocks, property etc. It's not for - jnine Apr 12, 10:47
Everyone here is probably either mistaken or using ambiguous terminology. It’s a non-refundable credit, so cannot exceed your tax liability. -- (edited) - znufrii Apr 12, 10:45

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everyone here is saying credit against what you owe, not against liability. if this is true, there's kind of no incentive because the vast majority of

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