Solved: If i own business and we lost or have negative balance can u claim earned income?
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cnasrawi
New Member

If i own business and we lost or have negative balance can u claim earned income?

 
1 Best answer

Accepted Solutions
maglib
Level 10

If i own business and we lost or have negative balance can u claim earned income?

Self employed income would count.  If you only have losses, and no other income, you would fail to meet the limits. The numbers vary based on your situation and children. 

By answering questions and providing basic income information, you can use our EITC Assistant to:

  • find out if you are eligible for EITC;
  • determine if your child or children meet the tests for a qualifying child; and
  • estimate the amount of your credit.

We have the EITC Assistant in English and Versión en Español. We also have versions for the current tax year and for prior years.

Make sure you use the right assistant. Income limits and credit amounts change from year to year.

View solution in original post

2 Replies
maglib
Level 10

If i own business and we lost or have negative balance can u claim earned income?

Self employed income would count.  If you only have losses, and no other income, you would fail to meet the limits. The numbers vary based on your situation and children. 

By answering questions and providing basic income information, you can use our EITC Assistant to:

  • find out if you are eligible for EITC;
  • determine if your child or children meet the tests for a qualifying child; and
  • estimate the amount of your credit.

We have the EITC Assistant in English and Versión en Español. We also have versions for the current tax year and for prior years.

Make sure you use the right assistant. Income limits and credit amounts change from year to year.

View solution in original post

warrpopp
New Member

If i own business and we lost or have negative balance can u claim earned income?

In my case, my wife and I have have negative earned income as my businesses losses are greater than my income earned from standard W-2 wages. However, since I did have earned income through my wages, would I still qualify for EIC or do the business losses cause me to lose it?

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