KarenL4
Employee Tax Expert

Get your taxes done using TurboTax

Hi, Zitro,

The EITC and the CTC are calculated independently of how much money you pay in for self-employment taxes.  You do have a requirement to pay in your federal taxes quarterly (including SE Taxes) if you will owe more than $1K (I am not addressing state requirements here).  This article explains more.  Eligibility for the EITC (which is a refundable credit-- which means you can get back more than you paid in taxes) is mostly based on family size and income and is discussed here.  The CTC is a partially refundable credit and it's discussed here. Eligibility for the CTC has a number of factors.

Hope this helps!

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Regards,

Karen

 

 

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