L P asked:
I have not yet paid any taxes or had any deducted from my self-employment earnings, but TurboTax is showing that I’m due a refund. Is this possible? Could it be because of the EIC? Again, I have not paid any taxes at all this year, so I’m confused how I can get a refund.
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3 users responded in this post
If you qualify for EIC, yes it’s possible to get a “refund” even though you haven’t paid anything in.
YES IT CAN BE THE EARNED INCOME CREDIT. IF YOU HAVE KIDS IT COULD ALSO BE CHILD TAX CREDIT!! IF YOU START MAKING ALOT MORE MONEY BE CAREFUL BECAUSE IF YOUR INCOME GETS TO HIGH YOU WON’T QUALIFY FOR EIC & YOU WILL OWE & THEN THEY WILL GET WITH PENALTIES FOR OWING!!
The EIC and the Additional Child Tax Credit are called refundable credits. What that means is that you can get money back that you didn’t pay in and the only credits which can help lower self employment taxes.
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