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JustPassingThrough
Level 2

Does line 3 of schedule 1 calculate the sum across multple schedule C forms' business income profit / loss? Not automatically, it seems. I get only 1 schedule's value.

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JustPassingThrough
Level 2

Does line 3 of schedule 1 calculate the sum across multple schedule C forms' business income profit / loss? Not automatically, it seems. I get only 1 schedule's value.

Thank you for the help today.   It turns out I needed to uncheck box 32b, since neither all or some investment was at risk, which I believe you mentioned earlier in this thread, VolvoGirl.

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VolvoGirl
Level 15

Does line 3 of schedule 1 calculate the sum across multple schedule C forms' business income profit / loss? Not automatically, it seems. I get only 1 schedule's value.

Yes it should be the Net total of all Schedule C.   What are you seeing?

VolvoGirl
Level 15

Does line 3 of schedule 1 calculate the sum across multple schedule C forms' business income profit / loss? Not automatically, it seems. I get only 1 schedule's value.

How many Schedule C do you have?   Do some have a loss?  Check each Schedule C.  Is the loss not showing right?

 

If you are not showing a loss on Schedule C.

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.

 

Or you checked the box on 32b saying Some Investment is Not at Risk.

JustPassingThrough
Level 2

Does line 3 of schedule 1 calculate the sum across multple schedule C forms' business income profit / loss? Not automatically, it seems. I get only 1 schedule's value.

There are 2 Schedules C in this case.  One shows a gain, the other a loss.   I submitted my taxes and got a pleasant note from the IRS issuing a refund because the loss was not included from the one Schedule C, only the gain from the second Schedule C, so I overreported my income.   

 

The loss is being noted on Schedule C to the point that the IRS acknowledged it and gave me credit; however, I determined today that TurboTax  did not sum the loss with the gain and reported only the gain on line 3 of schedule 1.

VolvoGirl
Level 15

Does line 3 of schedule 1 calculate the sum across multple schedule C forms' business income profit / loss? Not automatically, it seems. I get only 1 schedule's value.

Haven't heard of that problem.   You better call in and report it.

Contact Customer Service
5am-5pm Pacific Time
Monday-Friday
https://support.turbotax.intuit.com/contact/

What is the Turbo Tax phone number
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632 

JustPassingThrough
Level 2

Does line 3 of schedule 1 calculate the sum across multple schedule C forms' business income profit / loss? Not automatically, it seems. I get only 1 schedule's value.

Thank you for the help today.   It turns out I needed to uncheck box 32b, since neither all or some investment was at risk, which I believe you mentioned earlier in this thread, VolvoGirl.

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