I apologize up front if this is a really dumb question but I feel it is better to be safe than sorry.
I've read that a refund is only applicable if you owe taxes and that the refund cannot be more than what you owe for the year. As I have payroll deductions from my employer, I typically 'owe' little or no taxes at end of year.
Now for the stupid question.
Technically, at the end of the year I don't 'owe' any taxes as they've already been paid by way of my payroll deductions. Does the max $7500 EV refund apply to all monies paid to the IRS throughout the year or only if I owe additional money at the end of the year after filing taxes?
I think I know the answer but would feel better if someone could verify the terms.
Thank you.
