How do I revise schedule c

4 replies
108 views

for lack of understanding i chose the incorrect box on schedule and taxes due increased

TurboTax Online

Vanessa A

Alumni - Intuit

What did you choose that made your taxes increase? Are you sure they were not supposed to increase? Are you using desktop or the online version?

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VolvoGirl

Level 15

Was it the At Risk box for Schedule C line 32? That’s a common one to get wrong.

You can get back to the question about your business investment being at risk by going to the Schedule C and finding the Final Details > Special Situations section (if using TurboTax Home and Business) or the Uncommon Situations section (if using TurboTax Online).

Within those sections, there will be a check-box to indicate 'I have money invested in this business that I'm not at risk of losing; that is, certain cash, property, or borrowed amounts that are protected from loss.' Uncheck that box if your investment in your business is not at risk.

If you don't know what it means then probably All your Investment is at Risk (check Box 32a). Answer Yes. It means you are using your own money for the business.

marianneandrews

Level 2

I also answered this question incorrectly. I am using the online version but do not see an "uncommon situation" section and cannot get back to the form. Super frustrating, as I tried clicking back after incorrectly entering, but it would not go back to the form!

DawnC

Employee Tax Expert

In TurboTax Online, go to Self-Employed Income and Expenses and click on Edit next to your business. Then scroll down past expenses and past income and look for Uncommon situations. The at-risk question is in that section. At-risk Help