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Jpoo
New Member

What if my total income is less then my deductions?

 
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2 Replies
KeshaH
Expert Alumni

What if my total income is less then my deductions?

If your income is less than your deductions, it means you likely won't owe any federal income tax for 2024. However, you might still want to file a return because:

 

1. You might be eligible for refundable tax credits like the Earned Income Credit, which could mean extra money in your pocket even if you didn't pay any tax.

2. If you had taxes withheld (box 2 of your W-2), the only way to get this back is to file a return.

3. You may still be required to file a state return, as states sometimes have different filing requirements than federal.

4. You might need proof of your income for other programs or benefits.

What if my total income is less then my deductions?

Or, if you had self-employment income, you could still owe some SE taxes (Medicare and Social Security), even if there is no regular income tax due.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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