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How do I use income from shareholders - How do I use income from shareholders, 1120S business to qualify for Earned Income Tax Credit (EITC) in an individual tax return?
Taxpayers can use money made from self-employment, including if they own or operate a business or farm to qualify for earned income credit.
Partners income from a 1065 Partnership will qualify as self-employment income.
However,S corporationincomeis notself-employment incomeand is not subject toself-employmenttax and therefore not considered earned income for EITC.
Self-employment income also include income if you are a minister or member if a religious order or if you are a statutory employeeand have income.
Tags: federal,form