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Hi, I just finished our 2018 state and federal taxes and we didnt get a refund but we didnt owe anything either. Is that correct?

Usually if there is not refund, there is something owed.

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Cindy0H
New Member

Hi, I just finished our 2018 state and federal taxes and we didnt get a refund but we didnt owe anything either. Is that correct?

Not necessarily. You might have had some nonrefundable credits that eliminated your taxes. To better explain:

A nonrefundable credit essentially means that the credit can’t be used to increase your tax refund or to create a tax refund when you wouldn’t have already had one. In other words, your savings cannot exceed the amount of tax you owe. For example, if the only credit you’re eligible for is a $500 Child and Dependent Care Expenses credit, and the tax you owe is only $200—the $300 excess is nonrefundable. This means that the credit will eliminate the entire $200 of tax, but you don’t receive a tax refund for the remaining $300.

If you have other questions about this, ask in the comment section below.

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1 Reply
Cindy0H
New Member

Hi, I just finished our 2018 state and federal taxes and we didnt get a refund but we didnt owe anything either. Is that correct?

Not necessarily. You might have had some nonrefundable credits that eliminated your taxes. To better explain:

A nonrefundable credit essentially means that the credit can’t be used to increase your tax refund or to create a tax refund when you wouldn’t have already had one. In other words, your savings cannot exceed the amount of tax you owe. For example, if the only credit you’re eligible for is a $500 Child and Dependent Care Expenses credit, and the tax you owe is only $200—the $300 excess is nonrefundable. This means that the credit will eliminate the entire $200 of tax, but you don’t receive a tax refund for the remaining $300.

If you have other questions about this, ask in the comment section below.

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