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With 10,200 unemployment tax break, standard deduction is more than income, but taxes were not withheld, so should I still expect a refund on that tax break?
I also received the American Opportunity Tax credit, so that covered the taxes I owed when I filed back in February. But with that unemployment tax break, should I now actually get the credit from the AOTC since my taxable income is now zero?
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With 10,200 unemployment tax break, standard deduction is more than income, but taxes were not withheld, so should I still expect a refund on that tax break?
LOOK at your return ... the max amount of the AOTC you can get refunded is $1000 so if your tax liability was zero originally and you have $1000 on line 29 of the form 1040 then there will be no more refund to get.
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With 10,200 unemployment tax break, standard deduction is more than income, but taxes were not withheld, so should I still expect a refund on that tax break?
Q. Should I still expect a refund on that tax break?
A. No. Your tax is unready 0. While there are exceptions, to that general statement, you do do not appear to qualify.
Q. Should I now actually get the credit from the AOTC since my taxable income is now zero?
A. Yes. The AOTC has two parts, refundable and non-refundable. You still get the refundable portion (up to $1000). The refundable portion is shown on line 29 of form 1040 and will not change because of the $10,200 unemployment tax break .