Tax question
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  1. #1
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    Tax question

    I've been retired for over a full year, now. No earned income at all. Did my taxes this past weekend (Turbo Tax). Question: Is it possible to be due a Federal tax refund that is more than I had withheld in 2019?
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    I suppose it depends on your own situation, but I’m sure it is possible. Triple check to make sure your information is correct. Interest income and all those kinds of things.
    ​All you need for happiness is a good gun, a good horse, and a good wife.

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    With EIC and other tax breaks, one of my Son's returns I did for him 4 years ago, had the same situation. He got back $1800 more than he paid in.
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    My last year of college I worked hard at school and not much at working. I paid in $70. Drinking money. It was one of the first couple of years that they had the file for free online so I logged into one of them. Input all the info and I was getting $270 back. I must have made a mistake. So I did again, 270. Went to a couple of other websites and got the same answer. This can't be right so I called my mom and gave her all the info. She works at an accountant. She said 270. Then she explained the Earned Income Credit. That's where they take from the rich and give to the poor. That was a fun weekend. Don't remember it so I must have had a good time. LOL

    Can't say that it's the same situation for you but it is possible.



    Quote Originally Posted by TrucksNCoffee View Post
    I've been retired for over a full year, now. No earned income at all. Did my taxes this past weekend (Turbo Tax). Question: Is it possible to be due a Federal tax refund that is more than I had withheld in 2019?

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    an interesting question. I too was looking for it

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    If your AGI was less than $21,370 and you have no dependent children then the EIC might have kicked in. Yes, it's possible.

    https://www.taxact.com/tax-informati...-income-credit
    Definition of clip

    1: any of various devices that grip, clasp, or hook
    2: a device to hold cartridges for charging the magazines of some rifles; also : a magazine from which ammunition is fed into the chamber of a firearm.

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    To borrow a line from Steve Miller: go on take the money and run!
    Desperado and WoodyUSSLUCE like this.

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    Hmmm?........my question is -if you had no earned income, how were any taxes withheld?

    I had no earned income in 2019 so I did not file. Now I'm wondering if I SHOULD !?!?


    Edit: I would love to get a refund!
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    Quote Originally Posted by brojohn View Post
    Hmmm?........my question is -if you had no earned income, how were any taxes withheld?

    I had no earned income in 2019 so I did not file. Now I'm wondering if I SHOULD !?!?


    Edit: I would love to get a refund!
    Yes, you should file and you may be entitled to a substantial refund. I have many customers on welfare, they're career welfare and they're getting refunds every year, often that are much larger than I could ever hope to see from my earned income.
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    Yes, which makes the term 'return' incorrect.

    And nobody thanks me :-)
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    http://www.mkgandhi.org/nonviolence/...he%20sword.htm

    ...When my eldest son asked me what he should have done, had he been present when I was almost fatally assaulted in 1908, whether he should have run away and seen me killed or whether he should have used his physical force which he could and wanted to use, and defended me, I told him that it was his duty to defend me even by using violence. Gandhi.

 

 
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