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.