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December 15, 2024
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2024 Tax Return…

  • December 15, 2024
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Hello!! This is the first year that I have barely worked, and not made any income. However, I did receive unemployment benefits, which was around $11, 040 this year. I didn’t have any taxes taken out of my unemployment either. I have only been back to work since just this month, December 2024, and unfortunately my income is only going to be around $1100-$1200 (I figured it until the end of year). I do have 3 dependents, two are 5yrs and under, the other is 12yrs old. 
I’m stressing as this will be my first year ever with little to no income. Should I still file, or will I even qualify for any credits for my 3 dependents!? 
Thank you all so very much, and Happy Holidays!! 😊

Best answer by xmasbaby0

The child-related credits like the refundable additional child tax credit and earned income credit are based on having income from working, so if you did not work, you will not be eligible for those credits.   You need a minimum of $2500 from working to get even the smallest amount of the additional child tax credit.   If you have some income from working, you might get some earned income credit.

 

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

 

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc

 

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

 

 

Who has to file?

http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F

 

UNEMPLOYMENT COMPENSATION

 

Unemployment compensation is taxable on your federal return. 

You will have to enter a 1099G that is issued by your state.

 

Some states will mail out the 1099G.  Or you might need to go to your state’s unemployment website and use the password, etc. that you have been using to certify for weekly benefits to get your 1099G from the state’s site.

 

Enter your 1099G in Federal>Wages & Income>Unemployment

 

Go through the screens very carefully, making sure  to enter any federal/state tax you had withheld from the unemployment.

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-report-a-1099-g-for-unemployment-or-paid-family-leave/00/26530

 

Most states with a state income tax do tax unemployment benefits

AL, CA, DC, NH, NJ, and PA  do not tax unemployment

 

 

https://ttlc.intuit.com/community/personal-income-taxes/help/how-does-receiving-unemployment-affect-my-taxes/00/1756152

 

1 reply

xmasbaby0Answer
Employee
December 15, 2024

The child-related credits like the refundable additional child tax credit and earned income credit are based on having income from working, so if you did not work, you will not be eligible for those credits.   You need a minimum of $2500 from working to get even the smallest amount of the additional child tax credit.   If you have some income from working, you might get some earned income credit.

 

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

 

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc

 

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

 

 

Who has to file?

http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F

 

UNEMPLOYMENT COMPENSATION

 

Unemployment compensation is taxable on your federal return. 

You will have to enter a 1099G that is issued by your state.

 

Some states will mail out the 1099G.  Or you might need to go to your state’s unemployment website and use the password, etc. that you have been using to certify for weekly benefits to get your 1099G from the state’s site.

 

Enter your 1099G in Federal>Wages & Income>Unemployment

 

Go through the screens very carefully, making sure  to enter any federal/state tax you had withheld from the unemployment.

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-report-a-1099-g-for-unemployment-or-paid-family-leave/00/26530

 

Most states with a state income tax do tax unemployment benefits

AL, CA, DC, NH, NJ, and PA  do not tax unemployment

 

 

https://ttlc.intuit.com/community/personal-income-taxes/help/how-does-receiving-unemployment-affect-my-taxes/00/1756152

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**