I have read a lot about people who say they got back more taxes than they paid. But, as I look at a 1040 form, It seems like the form makes this not happen as it replaces a negative tax due with a zero.
2007-04-17 17:36:53 · 5 answers · asked by ? 2 in Business & Finance ➔ Taxes ➔ United States
Is there any publication that specifically says that it is not allowed.
2007-04-17 17:44:51 · update #1
The way that some people get back more than the taxes that they paid is because they qualify for certain credits like the Earned Income Credit or Additonal Child Tax Credit both of which will give you a refund if you qualify. So some families may get all their federal withholding back AND EIC and other refundable credits....it actually can run into the thousands. You should also be able to claim the phone rebate this year that millions of Americans are able to claim and that is a refundable credit as well.
2007-04-17 17:44:11 · answer #1 · answered by MarineMom 6 · 0⤊ 0⤋
It's possible if you're eligible for a refundable credit like the Earned Income Credit or Additional Child Tax Credit - those are on the form AFTER the negative number is replaced by the zero.
If you aren't eligible for one or both of those, then no, except for the telephone tax refund that's available this year only - you can get that without anything paid in.
2007-04-17 20:41:19 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Many folks get back far more than they paid in. The Earned Income Tax Credit and the Additional Child Tax Credit are both refundable credits. If your income is low enough you'd get back everything you paid in plus several thousand in EITC and ACTC on top of that.
I have 2 friends, both single parents supporting 2 kids on around $17,000 a year. They pay in a few hundred during the year but get all of that back plus thousands in EITC payments. The EITC payments make survival possible for both of them.
2007-04-17 20:24:40 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Do you have children? If so you can recieve the Unearned income credit. Which can be and extra $1500 per qualifying child. Depends on how much you earned $1500 is max ammount per child . You can rrecieve that times 2 (up to 2 qualifying dependants.) hope this help u out.
2007-04-17 17:48:22 · answer #4 · answered by kessin72 2 · 1⤊ 2⤋
No - you cannot get a tax refund for more than you paid.
2007-04-17 17:40:33 · answer #5 · answered by Santal 3 · 0⤊ 4⤋