Quote:
Originally Posted by chevydude26
so hold up will you get the 7500 dollars in a tax refund if you don't pay any taxes
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Not a "refund" or "rebate" or "credit". It is a "deduction".
example
If you make $50,000 a year and you are taxed on $30,000 normally, you would only be taxed on $22,500 if you qualify for the $7500, $25,000 if you qualify for the $5000, and so on.
If your taxable income is zero you get nothing. You cannot have a negative taxable income.