Unformatted text preview: credits are lost if not used in the current year. The nonrefundable personal credits are claimed in the following order: 1. child and dependent care credit 2. credit for the elderly and permanently and totally disabled 3. mortgage credit 4. child tax credit 5. Hope and Lifetime Learning credits 6. adoption credit 7. lower income saver's credit, 8. the DC homebuyer credit 9. the nonbusiness energy property credit 10. and the residential energy efficient property credit This allows most low- to middle-income taxpayers to maximize the utility of their nonrefundable personal tax credits against both their regular tax and their alternative minimum tax liabilities....
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- Fall '08
- Taxation in the United States, tax credit, alternative minimum tax, nonrefundable personal credits