How much does a person have to make in one year in order to recieve tax refunds?

Answer 1

It is impossible to answer this question. Every case is different. it depends on exemptions, dependents, total gross income, deductions, IRA contributions, and whether or not the individual is eligible for the child tax credits or earned income tax credit, and in the case of individuals working as an employee, the number of withholding allowances claimed on the W-4 Form. There are just too many variables and unknowns to be able to give a definitive answer to this question as stated.

In certain circumstances, with three qualifying children, you do not have to make any money at all ($0.00) and still get a refund of up to about $4,300. So it is possible to answer this queston by saying that it is possible to have no income at all and pay no taxes and still get a refund.

Answer 2

The return you filed will be processed normally and your refund will be issued. An amended return is a separate return correcting or adjusting amounts from the original return. Sending an amended return will not delay your original refund. With an amount of $312, it doesn't look like you're in school at least half time, so you'd be limited to the Lifetime Learning Credit. You'd qualify for a credit of 20% of the $312, or $62. Worth filing. The Lifetime Learning Credit is not refundable. In other words, if you didn't have any tax liability before applying your withholding, you wont' get any benefit from the credit.

Answer 3

If you pay any taxes at all you will receive a tax refund if the right amount of funds were paid each week. If you make $2,000 in the year, you may get it all back. If you make $4,500 in the year you will not get as large a percentage as the first person. If you make $8,000 to $15,000 and the correct amount of taxes were paid you will get back the same average amount.

I know you want to know, but this is a question that the answer never will do you any good. The amount of tax is going to change with the amount on pay and the number of dependents as well as the amount of deductions.

Answer 4

The refund doesn't depend on how much money you make. You get a refund if the amount of tax you've paid for the year (usually withheld from your paycheck) is more than the tax you owe.

The amount of tax withheld is calculated from the information you supply on your W-4 form. The amount of tax you owe is computed from your taxable income after various adjustments such as deductions, tax credits, etc.

Answer 5

It has nothing to do with how much you make. What counts is how much you owe, and how much you had withheld or paid in estimated quarterly payments.

Also, depending on your income, you might be eligible for a refundable credit like the Earned Income Credit - this can give you back a refund even if you didn't pay anything in.

Answer 6

Unless you have gone exempt, you will recieve a refund. If you made below a certain amount, like 12k, you will recieve a full refund of all taxes paid.

Answer 7

Check with your state guidelines, however it is the norm of over $6500.00 gross and of course it depends on your specific deductions. Look on the paystub to see amount you have paid already I suggest a consumer credit and tax course. Several are available online now thru www.gov Remember knowledge saves you many dollars in the long run and no one is going to save you except you Be Informed Be Wise

Answer 8

At least $1. Less than that and the IRS will not refund.

Answer 9

It depends on how much you paid and how much you made. If you didn't pay enough, you will have to pay. If you already paid too much, then you will get a refund.

Answer 10

is not so much how much you make but how much you deduct.!!!! there is probably things that you can deduct that you are not puting in your taxes.