Schedule C, Part I, line 6, shows an amount I did not enter. Where did that come from?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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Schedule C, Part 1, line 6 shows an amount I did not enter. Where did that come from?

Line 1 - $36,259

Line 2 - $25,000

Line 5 - $11,259

Line 6 - $4,779 - I did not enter this nor do I have a figure of that amount

Why is my income increased?

TurboTax Business Windows

Best answer by CherylW

Line 6 is for Other Income.

If you didn't have

amounts from finance reserve income,
scrap sales,
bad debts you recovered,
interest (such as on notes and accounts receivable),
state gasoline or fuel tax refunds you received in 2017,
any amount of credit for biofuel claimed on line 2 of Form 6478,
any amount of credit for biodiesel and renewable diesel fuels claimed on line 8 of Form 8864,
credit for federal tax paid on fuels claimed on your 2016 Form 1040,
prizes and awards related to your trade or business, and
other kinds of miscellaneous business income,

then line 6 may be depreciation recapture. If you've taken depreciation for listed property in previous years and business use has dropped below 50%, then the recapture amount is figured on page 2 of Form 4797 and added back into income.

If neither of these fit your business, post back to this thread.

CherylWAnswer

Level 11

Line 6 is for Other Income.

If you didn't have

amounts from finance reserve income,
scrap sales,
bad debts you recovered,
interest (such as on notes and accounts receivable),
state gasoline or fuel tax refunds you received in 2017,
any amount of credit for biofuel claimed on line 2 of Form 6478,
any amount of credit for biodiesel and renewable diesel fuels claimed on line 8 of Form 8864,
credit for federal tax paid on fuels claimed on your 2016 Form 1040,
prizes and awards related to your trade or business, and
other kinds of miscellaneous business income,

If neither of these fit your business, post back to this thread.

-tikigod-

Level 2

I have this same question. There is a value in line 6 that I did not enter. If it is depreciation recapture, where did TurboTax get that number? I did not enter it, nor do I have any official form from the IRS documenting such. There is no way, that I can find using the online Delux edition, to see the contents of 'Schedule 1'. It looks like TurboTax is generating random data if you can't see the contributing numbers!