Please help… I am confused about how this works: I did not work in 2013 (and therefore paid-in no federal taxes), made only a few thousand $$ in unemployment compensation, but my itemized deductions (mortgage interest, etc) are actually thousands more $$ than my AGI, meaning I have negative income after deductions. Is it correct that I am not entitled to any federal tax refund, despite several thousand $$ in qualified deductions, since I did not have any federal taxes withheld in that year? Is it correct to understand that deductions are just to reduce your tax liability (if a liability exists), but that there is no benefit to my large deductions if I have no income or tax bill? Please help as my filing extension is ending and I need to submit my taxes soon. Thank you in advance.
Read more: URGENT TAX RETURN FEEDBACK NEEDED…DEDUCTIONS GREATER THAN INCOME?!
