Federal Refund

[kipperdog]

I've completed my taxes and my Federal Refund is $0. 

The Federal Tax Summary shows:

Income and Adjustments = $69,069

Deductions = $27,800

Taxable Income = $40,669

Total Tax = $0

Total Payments = $0

Refund / Tax Due = $0

Why is Refund / Tax Due at $0?  Is $0 amount typical?  It raises a red flag...just asking.

I logged in my Vanguard account to import the relevant tax documents.  Everything looks to be imported correctly.  

Thanks

[DMarkM1]

You should take a look at the actual form 1040 and schedule 3 to see where the taxes went.  You can view your 1040 in desktop versions using "Form View" or in online versions using steps below:

1. "Tax Tools" in the left hand menu

2. "Tools"

3. "View Tax Summary" in the main screen

4. "Preview my 1040" in the left hand menu

Look from line 16 down to find what the tax originally was and then what offset that amount.  It could be non-refundable and/or refundable credits especially if you have dependent children. 

[kipperdog]

Thanks for the reply.

A couple of questions; when you reference Schedule 3 do you mean to say Schedule D?  Also, when a 1099-B, 1099-DIV or 1099-INT, etc. document(s) are imported from "File / Import / From Financial Institutions" into TurboTax does TurboTax fill in all relevant 1040 document entries and locations? i.e. I don't need to do anything else.

Thanks..   

[ThomasM125]

I believe @DMarkM1 was referring to Schedule 3 Additional Credits and Payments. You may have a credit that is reducing your tax to $0.

You may have $0 tax if a lot of your income came from capital gains, as they are not taxed if your taxable income is under $40,400 single or $80,800 married-filing joint.

TurboTax will process your form 1099-B entry without further action on your part, but it is best to review your form 1099-B to make sure things were reported properly. Especially the cost basis of investment sales, as sometimes the broker will leave those blank or enter $0 if they don't have accurate numbers for those entries.

[DonR1]

Your question says that you didn't have any federal taxes withheld.  So if you didn't have any federal taxes withheld, then you don't get any money back.  Check your forms to see if you forgot to enter how federal taxes were withheld.