Solved: Can it be possible to owe no tax (none withheld) on $24,807 taxable income?
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Can it be possible to owe no tax (none withheld) on $24,807 taxable income?

 
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Level 4

Can it be possible to owe no tax (none withheld) on $24,807 taxable income?

Yes, it is definitely possible to owe no tax even if you didn't have withholding. This is possible if you claim Dependents on your return or have Itemized Deductions that reduce your taxable income to -0-.

Also, if you are eligible for refundable credits such as the Earned Income Credit or the Additional Child Tax Credit, you can actually receive a refund even if you didn't have any taxes withheld.

Comment below if this answer doesn't answer your question so I can assist you further.

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Level 15

Can it be possible to owe no tax (none withheld) on $24,807 taxable income?

Any capital gains?
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Level 4

Can it be possible to owe no tax (none withheld) on $24,807 taxable income?

Yes, it is definitely possible to owe no tax even if you didn't have withholding. This is possible if you claim Dependents on your return or have Itemized Deductions that reduce your taxable income to -0-.

Also, if you are eligible for refundable credits such as the Earned Income Credit or the Additional Child Tax Credit, you can actually receive a refund even if you didn't have any taxes withheld.

Comment below if this answer doesn't answer your question so I can assist you further.

View solution in original post

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