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I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

 
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21 Replies
Kat
Level 15
Level 15

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

You should be asked to "Tell us about your business" during the TurboTax interview.  At that point, you can report the disposal of your business.  The TurboTax FAQ below will instruct you on deleting your Schedule C that transferred over from last year, as well.

https://ttlc.intuit.com/replies/3300011

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Thank you but I am not show the "Tell us about your business" screen. Where in the interview does it appear? How can I find it?
Kat
Level 15
Level 15

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Can you tell me please which edition of TurboTax you are using?  Your post doesn't tell me.
*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Self-employed
Kat
Level 15
Level 15

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Okay, thanks.   Give me just a minute.  I am on a Chromebook right now and don't have my TT program open.  I'll grab my laptop really quick so I can be accurate in my instructions.  Be right back.
*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Okay. Thanks!
Kat
Level 15
Level 15

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

I'm back!  So select your "Business" tab in your program.
You should then see "Business Income and Expenses".  (The screen is saying "Let's find some business deductions", but at the top you'll see Business Income and Expenses.
Once you click on that, you'll be given the options of "Walk me through everything" or "I'll choose what I work on".
Select "I'll choose what I work on".
This will open the screen with all info about your business income.  Again, select Business Income and Expenses.   You should be able to select your business from there, possibly the "Update" option.  Once you locate the business you're wishing to dispose of, select it and the screen will open to all the info about your business.  The first section should be "Business Profile".  Once you choose to "Update" there, you'll see a screen where you can check all info about your business.  Halfway down that screen, you'll see "Disposed of Business in Current Year".  Select "Yes", and go from there.

Hope this helps.
*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

I don't seem to have a business tab. Shouldn't Self-employed have one?

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

I only have tabs for personal info, federal taxes, state taxes, review, and file.

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Thanks for all your help!
Kat
Level 15
Level 15

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Yep.  I use the desktop program, so I'm not looking at the online screens.  But they should be quite similar.  The first "tab" on the taskbar is Personal, next is Business.
*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
Kat
Level 15
Level 15

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Sorry, the far left is Personal Info, then Business, then Personal.
*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Yeah, I get federal taxes where you get Business it seems
Kat
Level 15
Level 15

I need to dispose of a business but cannot find the dialog to do this. Where is this dialog hidden?

Curious.  Try this:  Use the Search option to type in "Schedule C" and see what happens.   This is a Schedule C business, correct?
*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

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