Hi! I am self-employed and I took a reduced schedule to take care of my children. I entered this information into the system and it stated: Good news: You qualify for a credit of zero for the family leave you took. Then it says Your family leave credit $x,xxx. (For privacy I put xx's, but it says a number amount). Are the words or number correct? The total at the top is including the credit....
Also, can I take family leave credit and self-employed credit? It looks like yes - but would like to confirm.
Also, as a result of the reduced schedule my income was lower in 2020. Is it more beneficial to use my 2020 or 2019 income? I tried both and it looks like does not matter...
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Yes, you can take both credits if you're eligible.
Under the expanded Family and Medical Leave Act (FMLA) provision of the FFCRA, you would be eligible for qualified family leave for each day that you were unable to work because
You can claim a tax credit for the lesser of $200 per day or 67% of your average daily self-employment income for the year per day.
AS for the Child tax credit and EITC, sometimes bigger AGI gives you bigger credits, or it could be similar amounts.
Yes, you can take both credits if you're eligible.
Under the expanded Family and Medical Leave Act (FMLA) provision of the FFCRA, you would be eligible for qualified family leave for each day that you were unable to work because
You can claim a tax credit for the lesser of $200 per day or 67% of your average daily self-employment income for the year per day.
AS for the Child tax credit and EITC, sometimes bigger AGI gives you bigger credits, or it could be similar amounts.
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