How much income tax back do I get if I made $31,000 and I claim 0?
You don't "get" a return, you FILE a return. A tax return is the forms and schedules that you file with the IRS and your state tax authorities. You'll itemize your deductions when you file your return. The $20k will reduce your taxable income. The impact will depend upon your marginal bracket and by how much your total itemized deductions exceed your standard deduction.
Answered by Heather P. -
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