Child tax credit and Child depend care credit

[nrowe-nrowe]

Hi, My wife and I file married jointly. I have my own business and had a loss of income last year, but as filing jointly we have positive income as a family. It looks like we are not receiving the child tax credit and the depend care credit due turbotax saying I didn't make any income last year. If I was filing separately I could understand, but we are filing jointly and have positive income. Please advise. Thanks/

[nrowe-nrowe]

Hi, 

Thank you for response. Regarding line 47 and 37 the amounts are above the requirements you stated. Why are we not receiving credit? To summarize again my wife and I are filing married jointly. She has W-2 and is well in the positive. My business has a loss for year and I show that on a Scedule C. So our joint house income is positive.

[DawnC0]

A business loss will reduce your other taxable income and your tax liability.  You must have enough income to have a tax liability in order to take either one of those credits.  Unless there is a tax liability there is nothing that the credits can reduce.   

Preview your 1040.  Go to My Account >>> Tools >>> Tax Summary >>> Preview 1040.  Look at line 47.  This is your tax liability; if it is 0, you are ineligible for the credits.   

Furthermore, in order to receive the Additional Child Tax Credit, you would need to have at least $3,000 of earned income.  This includes wages from the two of you and your business loss.  Check line 37; if under $3,000, the Additional Child Tax Credit is unavailable to you also.