I was unemployed and lived off of my savings and < $5,000 in investment income. I'm reporting my investment income, but it is less than the standard deduction. Turbotax is showing me getting a large federal and state refund (largely b/c of medical expenses and property tax credits), but I don't know how this is possible, since I made no payments that need to be refunded. Should I even file taxes? Help!
Yes, there are certain credits you may be entitled to due to your income, such as the Earned Income Credit, etc.
There are considered refundable tax credits. That means that even if you paid no income tax, you are still entitled to those credits.
You can find more information below about refundable tax credits. You can also review All nonrefundable tax credits in the “Taxes and Credits” section of your 1040 and 1040A forms (usually on page 2), or under the “Payments, Credits, and Tax” section if using the 1040EZ
Yes, there are certain credits you may be entitled to due to your income, such as the Earned Income Credit, etc.
There are considered refundable tax credits. That means that even if you paid no income tax, you are still entitled to those credits.
You can find more information below about refundable tax credits. You can also review All nonrefundable tax credits in the “Taxes and Credits” section of your 1040 and 1040A forms (usually on page 2), or under the “Payments, Credits, and Tax” section if using the 1040EZ