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Nonrefundable personal credit

A type of tax credit that can reduce your tax bill to zero, but you don't get any money back as a refund if the credit amount is more than what you owe.

Disaster mitigation expenditures

Money spent on making your home or property safer and more resistant to damage from natural disasters like floods, hurricanes, or wildfires.

Qualified dwelling unit

A home that meets specific requirements, typically a taxpayer's main residence, for which certain tax benefits apply.

Adjusted gross income (AGI)

Your total income from all sources, minus certain allowed deductions (like traditional IRA contributions or student loan interest), before other deductions or exemptions are applied.

Income phase-out

A process by which a tax credit or deduction gradually decreases and eventually disappears as a taxpayer's income rises above a certain level.

Taxable year

The annual accounting period for which taxes are calculated, usually the calendar year for individuals.