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franc05848
New Member

I am using the self-employed version, but I cannot find where to put losses for my business. Do I need the turbo tax business?

 
1 Best answer

Accepted Solutions
MichelleT
Level 2

I am using the self-employed version, but I cannot find where to put losses for my business. Do I need the turbo tax business?

Self Employed includes these schedules:

Schedule D Capital Gains and Losses 

Schedule E Supplemental Income and Loss, including rental property 

Schedule C/C-EZ Profit or Loss from Business (Expenses) 1099 misc


To add Business expenses:

>Go to your Sch C self employment, click the Business name,

>I'll chose what I work on, 

>Add Expense for this work,

 

Below is the link to a useful chart of TurboTax products and the features for each product as well as the Tax Forms each program includes. You can search by product or by forms supported.

Scroll down past middle of the page and click on Tax Forms, highlighted in blue.

https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp

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4 Replies
VolvoGirl
Level 15

I am using the self-employed version, but I cannot find where to put losses for my business. Do I need the turbo tax business?

What losses?  You enter the income you received and the expenses you paid.  Then Turbo Tax calculates the Net Profit or Loss.  Where are you stuck?
MichelleT
Level 2

I am using the self-employed version, but I cannot find where to put losses for my business. Do I need the turbo tax business?

Self Employed includes these schedules:

Schedule D Capital Gains and Losses 

Schedule E Supplemental Income and Loss, including rental property 

Schedule C/C-EZ Profit or Loss from Business (Expenses) 1099 misc


To add Business expenses:

>Go to your Sch C self employment, click the Business name,

>I'll chose what I work on, 

>Add Expense for this work,

 

Below is the link to a useful chart of TurboTax products and the features for each product as well as the Tax Forms each program includes. You can search by product or by forms supported.

Scroll down past middle of the page and click on Tax Forms, highlighted in blue.

https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp

franc05848
New Member

I am using the self-employed version, but I cannot find where to put losses for my business. Do I need the turbo tax business?

If you are a daytrader and need to enter a loss, go to Schedule C but skip the 1099-MISC "Other Income" box. It will not allow you to enter a negative number so skip that section and go to "Additional Income" and enter the negative amount (your losses).

FPL_SE
New Member

I am using the self-employed version, but I cannot find where to put losses for my business. Do I need the turbo tax business?

Has this info been verified?  I lost quite a bit of income due to quarantine cancellations and trying to determine where to enter business losses.  Thank you.

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