You should report your gross business income as well as your qualified business expenses in the following area:
Type in schedule c in the search box, top right of your screen, then click the magnifying glass
· Click the jump to schedule c ink in the search results.
· Follow the onscreen instructions to enter your business income and expenses
You will arrive at the Your Business page where you will see the various income and expenses categories.
To enter business income not on a 1099-MISC, follow the above instructions, then:
On the Your Business page, click Start or Update next to Business Income
On the Business Income page, click Start or Update next to General Income
Enter income not designated on a 1099-MISC on the next page, Tell us about additional income
After completing your entries, TurboTax will automatically compute your gain or loss
You should report your gross business income as well as your qualified business expenses in the following area:
Type in schedule c in the search box, top right of your screen, then click the magnifying glass
· Click the jump to schedule c ink in the search results.
· Follow the onscreen instructions to enter your business income and expenses
You will arrive at the Your Business page where you will see the various income and expenses categories.
To enter business income not on a 1099-MISC, follow the above instructions, then:
On the Your Business page, click Start or Update next to Business Income
On the Business Income page, click Start or Update next to General Income
Enter income not designated on a 1099-MISC on the next page, Tell us about additional income
After completing your entries, TurboTax will automatically compute your gain or loss
Just to clarify. In 2020 I invested (loaned money) to a small business that is not mine. This business will be closing so I will not be able to recover my investment. How exactly do I write off the bad debt?
How do I report a loss for my failed business?
You enter it just as if it was a successful year. You'll report all of the income (which can be zero) and all of the expenses. Then you will make sure to tell the system that this is the final year and the business is closed. You'll be able to take the loss against your other income for the year.