FAFSA and $8000 first-time home buyer tax credit

Paying for College
2

<p>a credit is a reduction of taxes owed. I do not know how this tax credit will be handled if the person doesn’t owe that much in federal taxes. If it is refundable or not??? I understand your question, don’t know the exact answer</p>

<p><a href=“http://www.federalhousingtaxcredit.com/[/url]”>http://www.federalhousingtaxcredit.com/&lt;/a&gt;&lt;/p&gt;

<p><a href=“http://www.federalhousingtaxcredit.com/2009/faq.php[/url]”>http://www.federalhousingtaxcredit.com/2009/faq.php&lt;/a&gt;
look at #11. it doesn’t say if any refundable part of the credit is taxable as income (that would suck)</p>