Similar to the Charitable Deduction, any scenario created by copying a scenario generated by the original tax return will carry with it certain Nonrefundable Credits from the original return.
For this section, however, you will always want to delete the “Nonrefundable Tax Credits (Override)” fields for new scenarios, because Holistiplan will calculate the new amount of Nonrefundable Credits based on the year of the scenario. But if you don’t delete the Override field, the system will apply the amount of the Override field as the amount of Nonrefundable credits, which may not be accurate.
As an example below, Peter and Paula's projected Non-Refundable Credit amount in 2022 is $3,000. But if we don't delete the $500 value in the Override field, Holistiplan won't use the appropriate calculated amount.
Based on the year of the scenario, some credits may show up as a nonrefundable credit one year and as a refundable credit in other years. One example of this is the Child Tax Credit, which was nonrefundable in 2020, refundable in 2021, and then reverts back to non-refundable in 2022. If you don’t see a credit when you expect to see one, check to see if it’s moved from the nonrefundable to the refundable credits section.
The "Nonrefundable Education Credits" and "Other Nonrefundable Tax Credits" subsections can be expanded to provide further detail on those specific line item credits as seen below.
