This could be a number of things. Your business loss may be reducing your actual income, in which case your credit is reduced.
Or. if your business is showing a profit you may be seeing the full EIC but your refund may be affected by the addition of self-employment tax. It may be helpful to take a look at your Tax Summary and the first page of your tax return to see the breakdown of which taxes and credits are in your return. Here is how to do this in TurboTax:
- Login toTurboTax.com.
- Click on Tax Home on the left side of the screen.
- If prompted, click on Continue where I left off or Take me to my return.
- Click on Tax Tools.
- Click on Tools.
- In the box that pops up, click View Tax Summary under Other helpful links.
- Once your tax summary is displayed click on Preview my 1040 in the menu on the left side of the screen. Here you can see the amount of your EIC, and the amount of your self-employment tax.
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