2006-12-19 09:22:36 · 5 answers · asked by juicy 1 in Business & Finance ➔ Taxes ➔ United States
There is no answer to this question. The total amount paid in though withholding and estimated payments is not the limit. Certain credits (EIC for example) are 'refundable'. This means they can result in a 'refund' above the total payments. There is no dollar limit because anyone can increase the amount of their refund by sending more money to the IRS in advance.
2006-12-19 11:10:54 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
The most you can ever get back is the difference between what was paid via withholding plus quarterly estimated payments if any were made plus any carryover from the previous tax year LESS the amount owed in the current tax year. There is no limit as to the size of this number so long as it fits the above equation.
2006-12-19 18:07:08 · answer #2 · answered by Flyboy 6 · 0⤊ 0⤋
Assuming you have enough deductions or low income the most for Federal is the income tax withheld for the year - plus low income taxpayers can get get back an extra 5,220 or more for the earned income credit depending upon income and dependents. For state the state tax withheld can all be refunded if you have no liability due to high deductions or low income.
2006-12-19 17:31:00 · answer #3 · answered by spicertax 5 · 1⤊ 0⤋
Spicer's answer is correct. Dont listen to the other two answers. The last answer is somewhat correct. You need to speak with a CPA and tax preparer (not H&R Block).
2006-12-19 22:02:00 · answer #4 · answered by Chrisusc 2 · 0⤊ 0⤋
What they have coming and no more.
2006-12-19 17:25:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋