How can i receive earned income tax credit with a business partnership showing net operating loss? I only brought in $22k, only income was from the company, and was counting on my return. I have 3 kids, am on medicaid and food stamps.

Wife is unemployed. The job that got us in the hole was settled in court the following year for 10k less than owed. I didn't owe taxes the last 2 years, and I may not owe taxes this year either. I own 80% of the company and debt/ Credit Card debt is showing 30K

Net Operating Loss (NOL) Earned Income Tax Credit

TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

John Stancil

Unfortunately, you must have a positive earned income in order to get the earned income tax credit. There are no exceptions to this, so you are just caught in a bad situation in regard to the EITC.

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

How can i receive earned income tax credit with a business partnership showing net operating loss? I only brought in $22k, only income was from the company, and was counting on my return. I have 3 kids, am on medicaid and food stamps.

Tax Professional Answers

View/Select our Current List of Tax Topics

Access Leading Tax Experts And TechnologyIn Our Global Digital Marketplace

How can i receive earned income tax credit with a business partnership showing net operating loss? I only brought in $22k, only income was from the company, and was counting on my return. I have 3 kids, am on medicaid and food stamps.

Tax Professional Answers

View/Select our Current List of Tax Topics

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

Learn from tax advisors, straight to your inbox

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace