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.
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?
Can you tell me please which edition of TurboTax you are using? Your post doesn't tell me.
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'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 don't seem to have a business tab. Shouldn't Self-employed have one?
I only have tabs for personal info, federal taxes, state taxes, review, and file.
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.
Sorry, the far left is Personal Info, then Business, then Personal.
Yeah, I get federal taxes where you get Business it seems
Curious. Try this: Use the Search option to type in "Schedule C" and see what happens. This is a Schedule C business, correct?
It is. Hmm. When I search for Schedule C and jump to the link I'm asked "Did you have any self-employment income or expenses?" It's as if my business info didn't get imported from last year's return.
Are you certain that you are in the same TT account that you used last year? Many users have more than one TT account and don't realize it. In order for last year's info to transfer, you must use the EXACT username and password that you used in the prior year.
To see if you possibly have more than one TT account, use the link below.
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1901486-how-many-turbotax-accounts-do-i-have">https://ttlc.intuit.com/questions/1901486-how-many-turbotax-accounts-do-i-have</a>
I need to sign off for a bit. Thanks for all your help!
@wdefremery Regarding the transfer of information from your prior year's return:
I learned yesterday that there is currently an issue with that. Maybe the information linked below will assist you. There is a workaround, as well as an email signup in case it doesn't work.
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4124811">https://ttlc.intuit.com/questions/4124811</a>