topic Re: Refund why? in Get your taxes done using TurboTax

Refund why?

h_liebelt — Thu, 03 Feb 2022 00:45:25 GMT

I am self-employed . I am getting a refund. I never withheld taxes for the 2021 season. Why am I getting a refund?

Re: Refund why?

JulieS — Thu, 03 Feb 2022 01:08:38 GMT

If you are getting a refund and did not have any withholding, you must be showing a refundable credit.

I don't know the specifics of your situation, but there are several refundable credits this year including:

Earned income tax credit (EITC) - Credit is based on the amount of your earned income and your total income.
Premium tax credit (PTC) - If you have Marketplace insurance coverage, you may get a credit for not taking the entire advance during the year to which you were entitled.
American opportunity tax credit (AOTC) - This is based on higher education expenses.
Child tax credit (ACTC) - This based on having dependent children.
Health coverage tax credit (HCTC) - This is a credit for small businesses that provide health coverage to employees.
Recovery Rebate Credit (RRC) - If you did not receive the third Stimulus payment, you can claim it on your tax return.

Re: Refund why?

h_liebelt — Thu, 03 Feb 2022 01:17:00 GMT

should I take the refund or will I find out later that I really owe some taxes?

Re: Refund why?

h_liebelt — Thu, 03 Feb 2022 01:29:31 GMT

I didn't withhold income. Why am I getting a refund? Is this because I took the standard deduction?

Re: Refund why?

AliciaP1 — Thu, 03 Feb 2022 02:15:23 GMT

You can review your refundable credits as well as verify your self-employment income is listed correctly on your draft 1040 by following these steps in TurboTax Online:

On the left side of your screen click Tax Tools
Click Tools
Click View Tax Summary
Click Preview my 1040
Scroll down to the refundable credits on Schedule 3 to see what is causing the refund