2007-04-07 03:56:04 · 4 answers · asked by nofool 1 in Business & Finance ➔ Taxes ➔ United States
Yep....the Child Tax Credit can give you a refundable amount of up to $1000 per kid. EIC can be over $4000. So without having any tax withheld, you might get over $6,000 refund!
(I think I will stop working when I make only $20K so I can get this....)
--A Damn Fine Tax Advisor
2007-04-07 06:27:19 · answer #1 · answered by WealthBuilder 4 · 0⤊ 3⤋
If you have $500 a month too much withheld, you will receive a $6000 refund no matter what other facts apply. I would rather have the $500 per month in my check. If the EIC accounts for a large part of your refund, you can use Form W-5 to request advance EIC payments. That way you get the EIC 'refund' payment as a 'negative withholding'.
2007-04-07 08:37:12 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
You mean refund, right? Sure, if you've overpaid by that much. Especially if you qualify for the EITC.
2007-04-07 04:00:31 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
yes it is
2007-04-07 03:59:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋