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
You have to owe $7.5k in taxes to the IRS to claim the full refund. If you don’t have a refund then you get zilch. You can claim a partial refund if you owe less. All the money can be used for is to reduce your tax liability. You never get a check for $7.5k from the IRS. So, the only way to get full benefit is to reduce the amount deducted from your paycheck and owe money to the IRS at the end of the year.
Please refer to a tax professional for advice specific to your financial situation. This tax tip may not apply to everyone.
Latest Answers