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Nov 2 at 22:40 comment added Village So, if in April, I owe $12,000 in taxes, paid all of it already out of monthly paycheck deductions, I should get a check back from the IRS for $7,500?
Oct 21 at 20:07 comment added mkennedy @Kevin That's a great point. Thank you. I've tried to incorporate your comment into my answer.
Oct 21 at 13:09 history edited mkennedy CC BY-SA 4.0
incorporated Kevin's comment
Oct 20 at 17:45 comment added Kevin Note that, while it cannot reduce your tax liability below zero, it absolutely can reduce your tax liability below whatever number is on your W-4, meaning it could cause you to receive a tax refund when you would otherwise get no refund or owe the IRS.
Oct 19 at 17:10 history answered mkennedy CC BY-SA 4.0