If I get a large investment tax credit that exceeds the taxes that I owe, do I get a tax refund, or is the credit lost? If excess credits cannot be turned into a refund can I defer them to another year?
For example, let's say in 2016 I end up owing an $30,000 in federal income taxes and I have already paid $28,500 of that due to employer withholding, so I owe an additional $1,500. But let's say I also have an additional federal income tax credit of $2000. Will that allow me to claim a $500 refund?