If you are self-employed or operate as a corporation, there’s a good chance that you failed with your 2020 tax returns to claim the family leave credit.
And that could be a big deal with you losing out on up to $15,110 in tax credits.
But it’s not too late. You can amend your 2020 personal or corporate payroll tax returns and claim that money now. If you qualify, don’t wait. The clock ticks on amended returns, and time is running out.
Getting to the $15,110
To get to the full $15,110, you need the following:
1.
Sufficient 2020 income. If you’re self-employed, that means $143,866 of net income on Schedule C—which translates to self-employment income of $132,860. If you are a W-2 employee of your corporation, you need equivalent W-2 income for the corporate benefit.
2.
A 2020 COVID-19 reason for your inability to work (explained below).
3.
A son or daughter who is under age 18 or who is incapable of self-care because of a mental or physical disability.
The rules that can give you up to $15,110 in tax credits fall into two categories:
1.
Rules for up to $5,110 in 2020 tax credits. (No child needed here.)
2.
Rules for up to $10,000 in 2020 tax credits. (Here, you need the child.)
Rules for Up to $5,110
$511 a day. To qualify for the ... Log in to view full article.
