Brother self employed. I am trying to help with taxes. On the 1040 form his itemized deductions (head of houshold and total deductions) is way more then his adjusted gross income. What his his taxable income for line 43? zero? He has the EIC and addtional child tax credit. Will he still be elgible for a refund?
Tax quesiton self employed?
taxable income is zero
refund is in the hands of Congress -- seems likely if he had earned income and children. Write your Senators and Congressperson.
Tax quesiton self employed?
There are nonrefundable and refundable tax credits. The child tax credit has a portion that is refundable. The EIC is a reufndable tax credit. The refundable credits he will get in a refund check even if his taxable income is zero. A nonrefundable credit will decrease his taxable income down to zero and the credits that are not used may be carried over to other years.
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