Which of the following statements is NOT a correct statement regarding refundable credits? A refundable credit requires that a taxpayer pay some amount of federal income tax to qualify for a refund. A refundable credit can exceed a taxpayer's federal income tax liability. A refundable credit creates a negative income tax liability. Very few federal income tax credits are fully refundable. A refundable credit does not limit the actual refund to the amount of a taxpayer's liability.