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Schedule C
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dickersont
Level 1
06-07-2023
10:53 AM
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Greetings,
I am doing some prior year returns and I am having a problem with Schedule C and the Child Tax Credit, When I enter information on a W2 screen, the child tax credit appears on the tax return. When I replace the W2 with the Schedile C the tax credit is taken away. Can someone tell me if I am missing something? I have been over the 8867 several times, but I am not able to figure it out.
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George4Tacks
Level 15
06-07-2023
11:38 AM
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Is Schedule C a net positive income? Is this a married couple and you are confusing Taxpayer & Spouse?
Answers are easy. Questions are hard!
Just-Lisa-Now-
Level 15
06-07-2023
12:15 PM
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The 8867 wont control the credits on the return so dont waste time going over that.
Why are you replacing one with the other? How much income on Box 1 of W2? How much income on Line 31 of Sch C?
Is the credit taken away or is the refund just reduced? Is the SE tax from Sch C eating up the credit so you dont see it in the refund anymore?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
