At what dollar amount does it stop that person wont get all their income tax back?

Question

I know if you make like $2000 you get all your income tax back but at what number does that stop happening? $10K, $15K?

Answer 1

the number changes year to year. Get a 1040 booklet the amount is in the front

Answer 2

Depends upon your filing status.

If you are single and a dependent and your income is only from wages from a job, as soon as you hit $5,450 in 2008 you will have some tax liability.  IF you are not a dependent, the amount rises to $8,950.  

Other amounts apply for different filing statuses.  The number of dependents that you can claim will affect the calculations as will various deductions and credits that you may be eligible for.

Answer 3

If you are single with no children this figure would be $8950.  A married couple with no children would be $17,900. Head of Household with one child would be $15,000.  Each additional exemption would increase this figure by $3500, the personal exemption amount.  

You have to also take into consideration certain credits you might qualify for.  These reduce your tax and would allow you to receive more back in your refund.  If you qualify for Earned Income Credit or Additional Child Tax Credit, you could get back more than you had paid in.  Priceless.

Laura H – H

Answer 4

It depends on your filing status single head of house hold, marrried filing joint or married filing separate.

Table 1-1.2008 Filing Requirements for Most Taxpayers

IF your filing status is... AND at the end of 2008 you
were...*  THEN file a return if
your gross income
was at least...**  
single under 65 $8,950   
  65 or older $10,300   
married filing jointly*** under 65 (both spouses) $17,900   
  65 or older (one spouse) $18,950   
  65 or older (both spouses) $20,000   
married filing separately any age $3,500   
head of household under 65 $11,500   
  65 or older $12,850   
qualifying widow(er) with under 65 $14,400   
dependent child 65 or older $15,450   
It also depends on how many dependents and deduction that you have.


Christine

Any advice included in this message is based on our understanding of current tax law as it applies to the facts that you gave us.