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What are tax credits? Your adjustments and deductions reduce your taxable income. Tax credits, on the other hand, are directly applied to the tax that you pay. You may take tax credits regardless of whether you itemize deductions. Many credits are limited, based on income levels, so the amount of a credit may be reduced for high-income taxpayers. The following statement refers to refundable or nonrefundable tax credits. A tax credit that reduces your income tax liability to below zero with the excess being returned to you is Schedule 3 of tax. Form 1040 titled, "Additional Credits and Payments" lists nonrefundable and refundable tax credits. Select the nenrefundable tax credits listed on Form 1040 and Schedule 3, Part 1. Check all that appiy. Education credits (lifetime learning credit) Charitable contributions tax credit Child and dependent care credit Residential energy tax credit Medical and dental tax credit Schedule 3 of tax Form 1040 titied, "Additional Credits and Payments" lists nonrefundable and refundable tax credits. Select the cefundable tax credits Isted on Form 1040 and Schedule 3, Part II. Check all that apply. Earned incoene tax credit TRA tax creds Socidi Security contributions tax credit Student loan interest tax credit Health sawings account tax credh