Question

Under which circumstance might you receive a tax refund from the irs

Answer 1

You would receive a tax refund from the IRS if you paid too much in taxes versus what your net income was during the year. The taxes owed is less than what was paid to the IRS during the year. If you receive credits for what you are able to deduct from your net income, then you will be able to receive money back at the end of the year for over paying during the year.

Answer 2

When your total of previous payments and applicable credits is less than the tax you owe might be the circumstance that will receive a tax refund from the IRS.

Further Explanation:

Tax refund:

The tax refund is the amount returned to the taxpayer if an excess amount of tax is being paid by the taxpayer.

 

• The tax refund is only made when the taxpayer has paid more than the tax amount, not in the case of the total of previous payments, and applicable credits are more than the tax owed.
• The tax refund is made when the total of previous payments and applicable credits are less than the tax paid.
• The tax refund is only made when the taxpayer has paid more than the tax amount, not in the case of the total of previous payments, and applicable credits are equal to the tax owed.
• The tax refund will be made when the taxpayer has paid more than the tax amount. So the option (b) is correct. Hence this makes this option incorrect.

Learn More:

1. Personal taxation

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2. State income tax  

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3. Net pay  

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Answer Details:

Grade: High school

Chapter: Tax refund

Subject: Business studies

Keywords:

Under which circumstance might you receive a tax refund from the IRS, when your total of previous payments and applicable credits is more than the tax you owe, when your total of previous payments and applicable credits is less than the tax you owe, when your total of previous payments and applicable credits is equal to the tax you owe, none of the above.