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Child Care Credit.I started my business as a Realtor this year. I am not getting child care credit b/c my business was not yet profitable. Is this correct.

Forum|Forum|7 years ago
June 6, 2019
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I received a small income from property management. My husband and I both worked full time.

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Best answer by ChristinaS

Correct. To get a Child Care tax credit, you and your spouse (if filing jointly) must both have earned income. Although you are certainly working, you do not have earned income if your business is operating at 0 or a loss.

If you have a small W2 and a loss from a business, you have to net those together to determine if there's earned income.

C

ChristinaSAnswer

Employee

Correct. To get a Child Care tax credit, you and your spouse (if filing jointly) must both have earned income. Although you are certainly working, you do not have earned income if your business is operating at 0 or a loss.

If you have a small W2 and a loss from a business, you have to net those together to determine if there's earned income.