Do I have to owe 7.5k at the end of the year to get the 7.5k rebate? I don’t understand.
In: 0
>Do I have to owe 7.5k at the end of the year to get the 7.5k rebate?
Not precisely. You have a *tax liability* by virtue of generating income, which is usually paid via automatic withholding out of your paycheck. The $7500 rebate offsets this tax liability, which very likely means that you’ll get that money back from the withholdings that your employer did.
Latest Answers