Submitted By: James
Answered: January 21, 2014 8:30 am

If I earn only a small amount in 2013 (say $8,000), will I get a refund of all of my withheld income taxes?

It depends. Whether you owe income taxes depends not only on your wages, but on all of your income. If your gross income is below the filing threshold for your filing status, you’ll obtain a full refund as long as you file a tax return. What’s more, you may be eligible to a refundable earned income tax credit (EITC). Again, you must file a return to claim the EITC.

Tags: EITC, Refund
Tax Glossary

Appreciation in value

Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.

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