0
Will you get the refund even if you had no taxable income after all the tax credits?
Wiki User
∙ 16y ago
Do you mean the stimulus payment? If so, then yes.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Can you still get a refund even if you did not earn an ioncome?
No unless you have earned income you can not receive a refund.
How many kids do you have to have to not have to pay taxes?
=== === Children may be dependents. Each dependent is a deduction to your taxable income. If you have low income, you don't need ANY children to no pay taxes. If you have taxable income, each deduction is worth somewhere around $3400 off of taxable income (reducing tax at 25% if your in that bracket..by $850)...so it depends. If you have 10 kids 10 x 3400 is $34,000 taxable income reduction....so if you had even only 75,000 of income before dependent deductions...you would still have 31,000 of taxable income. Of course other deductions, and possibly tax credits (if the dependents are children, which they aren't always), can provide additional benefits
Are estimated tax payments deductible?
No - even taxes actually paid aren't deductible from determining taxable income - from which your tax is due. (That would be completely circular). If estimates were deductible..I'd make an estimate of enough to lower my taxable income to 0 - or low enough to not pay tax at least....and get a refund of all my overpaid estimate.
What happens to a income tax refund if you do not file?
You cannot get a refund if you don't file. But even if you are years late, you can still file and apply for your refund. It does not expire.
How much income do you need to make to have to pay New Jersey state income tax?
Taxable from the first dollar. And even if you weren't, you would still want to file as it is the only way to get the crazy and large property tax refund they send to all (renters and owners) every year.
How much income outside of social security is taxable?
All income is taxable unless specifically excluded by law. Even a portion of your Social Security benefits may be taxable if you have sufficient total income.
Can you still get a refund even if you did not earn an ioncome?
No unless you have earned income you can not receive a refund.
How many kids do you have to have to not have to pay taxes?
=== === Children may be dependents. Each dependent is a deduction to your taxable income. If you have low income, you don't need ANY children to no pay taxes. If you have taxable income, each deduction is worth somewhere around $3400 off of taxable income (reducing tax at 25% if your in that bracket..by $850)...so it depends. If you have 10 kids 10 x 3400 is $34,000 taxable income reduction....so if you had even only 75,000 of income before dependent deductions...you would still have 31,000 of taxable income. Of course other deductions, and possibly tax credits (if the dependents are children, which they aren't always), can provide additional benefits
Are estimated tax payments deductible?
No - even taxes actually paid aren't deductible from determining taxable income - from which your tax is due. (That would be completely circular). If estimates were deductible..I'd make an estimate of enough to lower my taxable income to 0 - or low enough to not pay tax at least....and get a refund of all my overpaid estimate.
What happens to a income tax refund if you do not file?
You cannot get a refund if you don't file. But even if you are years late, you can still file and apply for your refund. It does not expire.
How much income do you need to make to have to pay New Jersey state income tax?
Taxable from the first dollar. And even if you weren't, you would still want to file as it is the only way to get the crazy and large property tax refund they send to all (renters and owners) every year.
Is corporation tax payable on foreign exchange gains?
Of course. Even income from business deals occuring entirely out of the country are taxable income. Forreign source, but taxable here (and maybe there).
Is depreciation beneficial if income is non taxable If not is it appropriate to remove it from the financial statements?
Depreciation doesnot have any effect when income is non taxable but even then depreciation is shown to reduce the cost of asset and allocate it to income statement of fiscal year.
Do you always get a refund when you file a tax return?
No not always sometime you can up owing some income tax or even no refund and not owe any amount.
Can you get a tax credit if you owe no taxes?
There are two main categories of credits that you may qualify for on your federcal income taxes: refundable and nonrefundable credits. Nonrefundable credits can reduce any tax liablity you may have to zero, but no further - even if the credit you qualify for is more than your tax. Refundable credits can reduce your tax and increase your refund so that you get money back from the government. Common examples of refundable credits is the Additional Child Tax Credit and the Earned Income Credit (a credit for lower income families and individuals). Some examples of nonrefundable credits include the Credit for Child and Dependent Care Expenses, Credit for the Elderly or the Disabled, and the Child Tax Credit.
Are personal loans taxable as income?
No, since loans are not income (even if the obligation is cancelled, there is no taxable event as a result). Also, the interest in personal loans may NOT be written off of taxes (unlike that of first and some second mortgages).
Is federal income tax paid based on taxable income?
that's why it's taxable yes it is based on the wages you make throughout the year and the taxes they take out of your check for example state and local taxes are taken out of checks The above may be a bit misleading: YES the FIT you pay is determined ultimately by the taxable income calculation, minus tax credits available. Taxable income, like ALL income, is many, many more things than your wages (if any) - interest, investments, self employment, etc all count, and the amount you pay has nothing to do with the amount of estimated payments or wittholding that was done through the year. Your GROSS income or wages are virtually never all taxable, with many changes and deductions determining not just if, but when that income is ever included. Your tax is also based on your filing status (single, married filing jointly, etc.) and the type of income. For example, the tax rate on qualified dividends is different than the tax rate on non-qualified dividends even if the taxable amounts are the same.
