tax refund

[cjwillis07]

When I completed my taxes, Turbo said I had a refund, however I did not enter any tax payments from W2.  Why is that and can I trust the answers provided?

[DoninGA]

Did you enter self-employment income and have a net profit?  Then you may be eligible for the Earned Income Tax Credit.

Do you have any children being claimed as dependents?  If so, and you had at least $2,500 of income from self-employment you may be eligible for the Additional Child Tax Credit.

You do not need tax payments to get refundable credits as a tax refund.

Look at your tax return, Form 1040, to see how the tax refund was derived on your federal tax return.

[JohnB5677]

You may have qualified for the Earned Income Tax Credit.

The tax credit could range from $600 to $7,430

• Have worked and earned income under $63,398
• Have investment income below $11,000 in the tax year 2023
• Have a valid Social Security number by the due date of your 2023 return (including extensions)
• Be a U.S. citizen or a resident alien all year
• Not file Form 2555, Foreign Earned Income
• Meet certain rules if you are separated from your spouse and not filing a joint tax return

You can see these details in the IRS article Who Qualifies for the Earned Income Tax Credit (EITC)

You can preview your tax return by going to:

1. On the menu bar on the left that shows.
2. Select Tax Tools
3. On the drop-down select Tools
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.
8. Schedules 1,2 & 3 are included if you scroll down past your 1040.
9. To return to the entry screens press Back on the sidebar.

The Earned Income Tax Credit is on line 27

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 d - Withholdings.

Line 26 - Estimated tax payments

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.