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Refundable credit

A type of tax credit that can result in a tax refund, even if it reduces your tax liability below zero. This means you can get money back even if you don't owe any taxes.

Advance payment

A payment made by the government directly to an entity (like an insurance provider) on behalf of an individual before the individual files their tax return, reducing the upfront cost for the individual.

Household income

Generally, the combined modified adjusted gross income of all individuals in a household, used to determine eligibility for certain tax credits or assistance programs.

Poverty line

An official measure of income used to determine eligibility for federal programs and benefits, based on family size and composition.

Principal residence

The main home where a taxpayer lives, as opposed to a vacation home or investment property.

National Flood Insurance Act of 1968

The federal law that created the National Flood Insurance Program (NFIP), which provides flood insurance to property owners in participating communities.