My specific question relates to Section L on schedule C. I'm getting a reminder that it needs attention. I've already had an accountant file the business tax this year so I could determine net gain (loss) in order to report on our personal taxes. This is the 1st time I've used Turbotax.
The accountant should have provided you with a K-1 for the S-corp to tell you how much profit or loss to enter into TurboTax. You should not be using the business schedule C for this purpose. Look in the Income section for K-1 and enter the information there.
Here's the general procedure for viewing the forms list and deleting unwanted forms, schedules, and worksheets in TurboTax Online:
- Open your return in TurboTax. (To do this, sign in to TurboTax, and select Take me to my return.)
- In the left-side menu, select Tax Tools > Tools.
- In the pop-up window Tool Center, choose Delete a form.
- Select Delete next to the form/schedule/worksheet in the list and follow the onscreen instructions