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Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.

Tax Credits with No Income?

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Question: My wife and i draw a salary from our s corp Total salary 24,000 for both in a year. Our adjusted gross income on tax return is a loss. Do we qualify for credits?

Answer: No. Since you are eligible for Medi-Cal, you do not qualify for advance tax credits.

1 Comment

Beware that S-Corps have become a “hot spot” for audits and the IRS recently affirmed its authority to re-characterize distributions as salary for shareholder-employees of S-Corps.

Just saying…

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