Question

If I’m self-employed and didn’t pay estimated taxes, can I possibly get a refund?

Answer

It’s possible to have a refund if you didn’t pay estimated taxes. To have a refund, your deductions and credits must total more than your income tax liability.

You’d need to have both of these:

  • A combination of deductions and credits that reduce your tax liability to 0
  • One or more refundable credits to produce a refund

Refundable credits include:

  • Earned Income Credit (EIC)
  • Additional child tax credit
  • American Opportunity Credit
  • Lifetime Learning Credit
  • Alternative Minimum Tax (AMT) credit

However, if you’re self-employed, you’re still subject to self-employment tax. This goes toward Social Security and Medicare taxes.

Related Topics

Related Resources

Form 1099-G, Certain Government Payments

Most Forms 1099-G are received for unemployment compensation or from state or local income tax refunds. Learn more from the tax experts at H&R Block.

Form W-2G, Certain Gambling Winnings

If you receive a Form W-2G for gambling winnings, you must report the full amount of income shown on the W-2G on your tax return. Learn more from H&R Block.

Tax Filing Extension Deadline | H&R Block

Do you need more time to file taxes? Review these time-sensitive tax pro tips to prepare for the tax filing extension deadline. Read more from our pros on the H&R Block blog.

Form 1099-B, Proceeds From Broker and Barter Exchange Transactions

If you sold stock, bonds or other securities through a broker or had a barter exchange transaction, you will likely receive a Form 1099-B. Learn more from H&R Block.