Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jesus-anguiano39
New Member

If my deductions are greater than my income and no taxes were withheld, does that mean I get nothing returned?

 
4 Replies
SweetieJean
Level 15

If my deductions are greater than my income and no taxes were withheld, does that mean I get nothing returned?

Not all deductions (such as Medical) count at 100%.
Anita01
New Member

If my deductions are greater than my income and no taxes were withheld, does that mean I get nothing returned?

Unless you are eligible for what are called refundable credits, basically the Earned Income credit or part of the American Opportunity credit, you can only get a return for tax withheld.  With zero withholding, no refund.  If you have a loss on your business, that loss may be partly or all deducted against any other income to reduce your tax owed

SweetieJean
Level 15

If my deductions are greater than my income and no taxes were withheld, does that mean I get nothing returned?

Just a note that you are required to claim all of your self-employment income and expenses.
Critter
Level 15

If my deductions are greater than my income and no taxes were withheld, does that mean I get nothing returned?

And if you have a negative taxable income then you may have a Net Operating Loss to deal with.
Dynamic AdsDynamic Ads
Privacy Settings
v