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Retirement tax questions
Hi Thomas! @ThomasM125
Yes, income is input on 1099-NEC. Tax amount due updates and self employment taxes are added. But, then when I go to Deductions and Credits section, specifically EIC, the credit is not available. When I click on 'How did you calculate my earned income of $0' it says 'Based on the information you entered so far you did not enter any earned income.' The business has a net profit that is within EIC eligibility but it is like TurboT will not recognize any self-employment as earned income (only W2 wages). Any idea why?
‎January 12, 2021
4:07 PM