Q&A: Will I receive a tax refund with Unemployment, no taxes withheld and 2 children? | Unemployment Tax Refund
Query by Becky: Will I acquire a tax refund with Unemployment, no taxes withheld and two kids?
My husband lost his task in Dec 08 due to the economy. We have been on unemployment for the previous yr of 2009(all 52 weeks). I just not too long ago identified out about acquiring taxes withheld from your your compensation and therefore we had totally no taxes withheld this past year. I did not operate and we had been each school students. I am trying to discover out if we are going to get any variety of refund at all being that we have two youngsters.
Thank you so a lot for your time.
Unemployment Tax Refund
Greatest solution:
Solution by rtfm
If no taxes had been WITHHELD, then there is practically nothing there to REFUND back to you.
It really is totally achievable you will owe some taxes this yr (despite the fact that with two young children, that is not likely.)
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Comments on Q&A: Will I receive a tax refund with Unemployment, no taxes withheld and 2 children? | Unemployment Tax Refund
If you have had no taxes withheld from your unemployment compensation, then it’s doubtful you will get a refund. A refund is an overpayment you made to the government through the year of your federal taxes. If you had none taken out, there is nothing to refund to you. Earned Income Credit, which is a refundable credit, will not apply to you if you had NO earned income in 2009. The same thing applies to the Additional Child Tax Credit. You don’t qualify if you have no earned income.
go to http://www.irs.gov
You most likely won’t owe anything, but no if nothing was withheld you don’t get a refund, there’s nothing to refund, and unemployment isn’t eligible income for things like EIC and ACTC.
Ah, college students – if you paid any tuition, fees, or required books and supplies out of pocket or from loans (not grants or scholarships) look into the American Opportunity credit – if you qualify, that’s partially refundable which would mean you might get something for a refund.
Good luck.
no – you have nothing to refund and no eaaed income (from a job) means no Earned Income Credit
there is nothing to refund
you are not eligible for Refundable credits like EIC without earned income
at the time that you signed up for unemployment you were asked to designate withholding or not
luckily for you, Obama exempted the first $ 2400 of unemployment from tax for 2009–that has NOT been the case
depending on income, you may still have to file a tax return, and it is possible to be on unemployment and OWE, but unlikely for you this year
http://www.irs.gov do I have to file
Well you chose not to have taxes withheld, so you will have to pay the taxes on the unemployment money minus the $ 2400 with is tax free.
Good luck!
When your husband filed for UI benefits,he should have also received 2 letters and forms.
1 is to allow benefits to be direct deposited into a bank account-otherwise it will be sent by check or applied to a debt card account.
The other form allowed the state to withhold about 10% from weekly benefits for taxes.
If any taxes are due,you will have to come up with the money when you file your return for 2009 or set up a payment plan with the IRS.
The child tax credit will help reduce any taxes you owe.
The only way to know if you will get a refund is to fill out a return and hope for the best.