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