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Taxes: If you've only got unemployment $$ all year can you still get $$ back?

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Sequoia Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 07:37 PM
Original message
Taxes: If you've only got unemployment $$ all year can you still get $$ back?
For child tax credit, etc. even if you didn't pay taxes?
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Matariki Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 07:40 PM
Response to Original message
1. You only get a refund on taxes you overpaid.
Regarding unemployment, it would depend if you opted to have federal taxes taken out of the checks or not.
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DeadEyeDyck Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 07:40 PM
Response to Original message
2. I would think so
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Kennah Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 07:44 PM
Response to Original message
3. I do not believe so
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dems_rightnow Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 07:46 PM
Response to Original message
4. No
The regular Child Tax Credit is limited by the amount of tax you pay.

Even the refundable "Additional Child Tax Credit" is requires you to have "earned income" in order to claim it.
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Sequoia Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 07:48 PM
Response to Reply #4
5. Bummer. Thanks everyone. I need a job !!!
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Kennah Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 07:51 PM
Response to Original message
6. There is this
http://www.irs.gov/taxtopics/tc418.html

Unemployment benefits are included in your gross, and taxable, so it would seem the Child Tax Credit does offset taxes owed.
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Obamanaut Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 07:58 PM
Response to Original message
7. Is unemployment $$ taxable? Is anything withheld? If not, how can
one get anything 'back', if nothing was sent in?
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tammywammy Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 08:00 PM
Response to Reply #7
8. It is taxable after $2500, I believe...that's what it was for the 2009 taxes.
You can choose to have taxes withheld from it.
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david13 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 09:06 PM
Response to Original message
9. There is some minimum income supplement or something. I
forget what they call it. They say that all the people what are elegible for it don't get it.
They don't know & don't apply.
You actually get a refund over and above what you paid in, a ... subsidy or something. Try IRS website, or google search.
dc
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