At the end of the year.
2007-08-14 06:04:00 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Whatever you overpaid, plus refundable credits. If you paid in 1 billion dollars in estimated payments (Hi Mr. Gates or Mr. Buffett), and owed $0 in taxes, you would get the entire 1 billion back. There is no maximum amount.
2007-08-14 06:43:01 · answer #1 · answered by Anonymous · 2⤊ 1⤋
There isn't a maximum - what you get is the amount you overpaid with your withholding, plus the amount of refundable credits (additional child tax credit, earned income credit) if you qualify for them.
If for example you had $100,000 more than your tax liability either withheld or paid in estimated payments, you'd get the $100,000 overpayment refunded to you.
2007-08-14 13:35:33 · answer #2 · answered by Judy 7 · 3⤊ 0⤋
If you file your taxes electronically and have the refund sent to your bank account if the refund is over 9999.99 then there is an extra weeks wait on such refunds that go into your bank account.
I have yet to get a clear answer on why but that the return is pulled out of the system and then sent through, no audit, no hand inspection....maybe someone here will know.
2007-08-14 13:38:49 · answer #3 · answered by Anonymous · 0⤊ 2⤋
There is no maximum. Any refund is based upon your tax liability and how much was withheld during the year. If more was withheld than needed, you get it back. If not enough was withheld, you pay.
2007-08-14 15:26:53 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Pretty close to the amount of taxes you paid during the year plus any credits that apply.
2007-08-14 13:22:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋