Hi All:
Almost complete my tax return! Just the damn child care credit holding me up.
I am using turbotax, and it is not letting me claim child care credit. I want to seek other opinions.
Information:
1) I work full time, with a normal W2 from the company
2) My wife runs a small home business, which she started last year. Sadly, she is making losses instead of making millions as we envisioned. Turbotax show negative on both net income and gross income for her business
3) We paid $3k for child care so she can run her business at home
Turbotax is saying we do not qualify, not quite sure whats the reason. I suspect is because the rule is both spouses has to work and has TAXABLE income.
Questions:
1) Does my wife business need to have taxable income to qualify? I assume she does not, as her business is making losses. This does not sense.Only profitable business allow to claim child credit?
2) Is there is a income limit to claim this credit? (Ex, I earn too much to qualify? Which, i highly do not think so)
Almost complete my tax return! Just the damn child care credit holding me up.
I am using turbotax, and it is not letting me claim child care credit. I want to seek other opinions.
Information:
1) I work full time, with a normal W2 from the company
2) My wife runs a small home business, which she started last year. Sadly, she is making losses instead of making millions as we envisioned. Turbotax show negative on both net income and gross income for her business
3) We paid $3k for child care so she can run her business at home
Turbotax is saying we do not qualify, not quite sure whats the reason. I suspect is because the rule is both spouses has to work and has TAXABLE income.
Questions:
1) Does my wife business need to have taxable income to qualify? I assume she does not, as her business is making losses. This does not sense.Only profitable business allow to claim child credit?
2) Is there is a income limit to claim this credit? (Ex, I earn too much to qualify? Which, i highly do not think so)