At what income level would someone not receive a federal tax refund? ?
- STEVEN FLv 71 month ago
There literally CANNOT be such a number.
A refund is the excess of the amount you paid over what you owed.
Regardless of your income level, it is ALWAYS possible to have made payments in excess of your tax liability.
- 1 month ago
No such thing. You can get a refund or owe at any income level.
- curtisports2Lv 71 month ago
At no income level. A tax refund is one of two things. Overpayment of tax, or a refund of the refundable amount of the unused portion of a tax credit, which one may receive even if they had zero income. It is possible for anyone who earns money, no matter how much they earn, to receive a tax refund, if the tax payments they made during the year total more than the actual tax they owe for the year. There is no income limit above which you lose your right to a refund.
- Max HooplaLv 71 month ago
Income level is irrelevant. A refund is returning what you overpaid.
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- Coffee DrinkerLv 71 month ago
There is no maximum income for a tax refund.
A tax refund is simply a refund of over payment. Its like going to the store and using a $20 bill to buy a $15 item and getting $5 in change.
Anyone at any income level could pay more than they owe and get the difference back as a refund. You could literally owe a Billion dollars in taxes, but if you paid a billion and $1 you'd get a refund of the extra $1.
- AmyLv 71 month ago
How expensive would a purchase have to be in order for you not to get change back?
A tax REFUND is the return of money that you overpaid. It doesn't matter what the correct amount to pay was, only that you paid more than that.
- StephenWeinsteinLv 71 month ago
At every income level, a person who did not qualify for any credits and did not have any income tax withheld and did not pay estimated taxes would not receive a federal tax refund.
At every income level, a person whose income tax withheld was more than the person's tax would receive a refund.
At all income levels, it is possible to receive a refund, and at all income levels, it's possible not to receive one.
There is no income level where it is guaranteed, and no income level where it is impossible.
- Anonymous1 month ago
Income level has nothing to do with it. If you've paid too much in taxes, you get a refund.
- JudyLv 71 month ago
There's no such level. If you pay in too much, the excess is refunded. If you owe 4 million in tax for the year but pay in 4-1/2 million in withholding and estimated payments you'd get the extra half million dollars refunded to you.
- Anonymous1 month ago
Its not as much about income as withholding.
Smart people would not want to lend their money to the government without interest.