Welcome Guest. Sign in or Signup

6 Answers

Will we still receive a refund this year?

Asked by: pmitchem 454 views YA Discussion

My husband and always do our taxes together and claim our 2 children in our taxes.
My husband was laid off almost a year ago for the first time in his life its the longest his been unemployed. His been receiving unemployment benefits and nothing is taken out. I my self became unemployed about 5 months ago and also receive unemployment with nothing taken out. We always receive about 7,000 but this year I have no idea what our refund will be.

Any one with this type of situation that can give us an idea on if we will even receive a refund this year?

Thanks a bunch!

6 Answers

  1. Max Hoopla on Dec 04, 2012 Reply

    There is no way to tell from what you posted.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

  2. Wayne Z on Dec 04, 2012 Reply

    How much did you make in 2012 from working?

    While unemployment is fully taxable, it does not qualify you for either of the refundable credits (Additional Child Tax Credit or the Earned Income Tax Credit)

    Without knowing the exact details of your income, it is impossible to know exactly but my guess is that your refund this year will be substantially less due to not qualifying for as much Additional Child Tax Credit and Earned Income Tax Credit.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

  3. tro on Dec 04, 2012 Reply

    your non taxable income is $ 27100
    the unemployment does not entitle you to EIC, however your self employment income does even tho you pay self employment tax on your Sch C net
    the only ‘refund’ you would get since nothing has been withheld, would be a small amount of EIC and the additional child credit

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

  4. Dawn on Dec 04, 2012 Reply

    1. Unemployment income is not eligible income for the Earned Income Tax Credit (EITC), which I assume is what has been giving you such a huge refund. If you did work part of the year, that income will be eligible for EITCs.

    2. Unemployment income is taxable. You have not been paying Medicare and Social Security taxes on it (the usual payroll deductions), but some tax will still be due on April 15, to both the state and federal.

    3. I have no idea how that will balance out. You may want to go to one of the online free tax return prepare services, and see what it works out to by using the 2012 form (this past years’). It won’t be exactly the same, but it will give you some idea. Just go through and fill out the questions, you will see what it figures to…just don’t go ahead and file! I put a link to one, use any you want, you’re just going to get a ballpark figure.

    *****I am not a tax expert. I am not a tax expert. I am not a tax expert.*****

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

  5. Judy on Dec 04, 2012 Reply

    If you usually get $ 7000, sounds like you usually get EIC. You’ll very possibly get something, but not likely anywhere near what you’re used to getting. Unemployment doesn’t count toward EIC Without numbers on how much each of you earned for the year, and how much unemployment each of you got, not possible to say if you’ll get anything, or how much if you do. Please post again with that info, or add the info to this post, and someone can give you an idea.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

  6. ninasgramma on Dec 04, 2012 Reply

    Without knowing your income from both years, it is impossible to say if you will get a refund. But, if your $ 7,000 refund included Earned Income Credit and/or Additional Child Tax Credit, those credits are likely going to disappear or be drastically reduced because you have less earned income.

    In addition, you have no taxes withheld on your unemployment, and that needs to go on your tax return. Fortunately, there still is the $ 1,000 per child Child Tax Credit which will “pay” some of your income tax. That will leave you most likely with a smaller refund or even a balance due.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

Your Reply