My only income is social security but I paid a large early withdrawal penalty. Am I entitled to a tax refund?

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edso48

My only income is social security but I paid a large early withdrawal penalty. Am I entitled to a tax refund?

Can you get a tax refund if nothing has been withheld

Scotty Doesnt Know

If nothing has been withheld and you have certain tax CREDITS, those credits can result in a net refund to you. However, is Social Security is your only source of income, its not likely that you're entitled to any of those credits (EIC is the most common one that I can think of). The penalty for early withdrawal is an ADJUSTMENT to your gross income, so that alone won't entitle you to any credit to be refunded if nothing has been withheld to begin with. Sorry.

Helen, EA in PA

If your only income is SS, there is no refund available for you.

Dave T

You need to provide a little more information here, What type of Early Withdrawal Penalty did you pay. Did you take money out of a Retirement account like a 401K or from the bank account. Is your Social Security income from retiring or disability.

Social Security disability is not generally taxable while some of your Social Security retirement can be depending on your income level.

If you took money out of a 401K type account then all of that money could be taxable as income if the money you put in was pretax earnings. If the money came from a bank account then it is likely you already paid tax on it and then the penalty you paid would be a credit to you on your income tax return.

My suggestion is to take a look at the second page of the Form 1040 and see if the Early Withdrawal Penalty is a refundable credit.

ninasgramma

I assume you cashed in a certificate of deposit early and had to pay an early withdrawal penalty by forfeiting interest.

The early withdrawal penalty can reduce your taxable income. Since you have no taxable income, you have no tax benefit from the early withdrawal.

If you did not file a tax return last year and you have over $3,000 of Social Security benefits, you may receive a recovery rebate credit if you file this year.

buckeyefan

Talk to a CPA

catbagboy

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blogsjulie

yes u can

katie

yes. you may get one.

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