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New Member
posted Oct 29, 2024 3:07:40 PM

Profit on Schedule C and Turbo Tax did not generate a Schedule SE

Turbo tax did not generate this on my tax return and I had a business profit. 

0 6 5348
6 Replies
Level 15
Oct 29, 2024 3:16:11 PM

Does your Form 1040 Line 8 show a profit or loss?  If a profit, how much?

Does your Form 1040 Line 23 show an amount?  Does your Schedule 2 Line 4 show an amount?

Level 15
Oct 29, 2024 3:21:27 PM

See if you can find Business Tax under Other Tax Situations and go though the Self Employment Tax.   Only thing I can think of is if you have any depreciation that transferred from 2022 that you are not counting.  Or any other expenses that carried over that you forgot.  Better look at your schedule C and see what's on it.  Are you using the Online version?  

 

Before filing you can preview the 1040 or print the whole return. You have to pay any fees first before you can see all the forms, etc.
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160
   

New Member
Oct 29, 2024 3:40:39 PM

I have no schedule 2 either.

Line 8 on my the front of my 1040 is 0. 

Line 23 is Other taxes, including self-employment tax, from Schedule 2, line 21

Line 29 on my schedule C is 6,230.

But it gets canceled out by the exact amount on Line 30 which is a home office deduction.

Level 15
Oct 29, 2024 3:45:04 PM

So you're ok now?  You don't have a profit or loss.   Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year. And you have to answer yes to both questions about exclusive and regular use, not just one. The area of your home office must be used regularly and exclusively for business to deduct it.  

New Member
Oct 29, 2024 3:50:13 PM

Yes, the home office is legit, It just seemed odd that it would be the exact amount of my estimated profit. 

Level 15
Oct 29, 2024 3:59:59 PM

Oh did you see my post above?  I explained that.