Vanessa A
Expert Alumni

Retirement tax questions

What type of Pandemic Relief?  If it was Unemployment or other taxable income and you received $16,000 and they only withheld $400, if you are single with no kids, you would probably not get much if anything back. 

 

For a single filer, your standard deduction is $12,550.  If you received $16,000, with no other income, this would leave you with $3,450 in taxable income after subtracting your standard deduction.  That would put you in the 10% tax bracket.  Ten Percent of $3,450 would be $345.  So, if your total income was only $16,000 and you had $400 withheld, then you would get a refund of $55 (400-345). 

 

If you received $16,550, then you would end up getting nothing back because your taxable income would be $4,000 ($16,550-$12,550), you would still be in the 10% bracket so your tax liability would be $400 ($4,000 x 10%).

 

As for the 1099-G, yes, you should have received one from the state that paid you so you could enter it into TurboTax to fill out your return.  

 

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