I had only one job last year, and my adjusted gross income was approximately $1,500. I'm 31 y/o, single with no dependents. Is there a way for me to get all that money back as a refund? If so how?
Or do I have to settle for a small refund amount of a few hundred dollars?
2007-03-29 07:00:51 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Wood Smoke, I figured that since I only earned a small amount last year, I'd be able to get it all back.
2007-03-29 07:18:28 · update #1
Only if you had that much withheld for federal income tax, which would be pretty impossible to have happened. What you probably CAN get back, though, is everything that was withheld for federal income taxes, and maybe for state income taxes also. If you had a few hundred dollars withheld, then you might get it all back. If you didn't have anything withheld, then don't expect much of anything. You might get an earned income credit - with income of $1500, that would be around $117, not 1/3 of your income as another responder told you.
Think about it - you already got paid. Do you really think the government is going to double up on that, and pay you again?
31 years old, and made $1500 for the year? You need to find a better job!
2007-03-29 12:06:19 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Your adjusted gross income determines whether you pay tax or get a refund, but you don't get a refund of your adjusted gross income.
Your refund will depend on how much you had withheld from your pay and the amount you can claim for the earned income credit, which is a refundabe credit.
2007-03-29 07:57:52 · answer #2 · answered by Terry J 4 · 1⤊ 0⤋
Yeah the only money you will get back is the refund amount. The adjusted gross income is how much money you mad last year with the taxes included. The refund you are getting is the taxes paid.
2007-03-29 07:05:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You already got it. Your AGI is your Adjusted Gross Income. It's your total income adjusted for certain "above the line" adjustments such as retirement account contributions and alimony paid.
You can't get a refund of money you have already received.
If your AGI is only $1,500 you probalby have no tax liability and would normally get a refund of any taxes withheld.
2007-03-29 08:36:35 · answer #4 · answered by Bostonian In MO 7 · 4⤊ 0⤋
You are eligible for Earned Income Credit, which will be about 1/3 of your earnings.
You cannot get back your earnings as a refund, sorry that is crazy talk.....
You could get a refund on any Federal or State withholdings.
www.irs.gov, individual, free file
2007-03-29 07:07:35 · answer #5 · answered by Wood Smoke ~ Free2Bme! 6 · 2⤊ 1⤋
you are able to "think of" something you prefer yet that doesn't make it actual. i will think of I even have fluffy pink fur and wings, yet when I step out of the third floor window and attempt to fly, i'm going to verify i won't be in a position to in a 2d. God owes us no longer something. He has given us each little thing we've and are: existence, a physique, a planet to proceed to exist...and, btw, the potential of understanding Him for my area by way of Jesus Christ. We do our ideal by using fact we pick to, no longer for any eventual "reward." while you're doing stuff for applause, reward, or popularity, that may no longer altruistic. that is horse-buying and merchandising.
2016-12-08 13:43:48 · answer #6 · answered by ? 4 · 0⤊ 0⤋