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panda
New Member

I was only self-employed for the first 4 months of 2016 ten I started working for a business. How would I file

 
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1 Reply
JaimeG
New Member

I was only self-employed for the first 4 months of 2016 ten I started working for a business. How would I file

You will still file Schedule C (Profit-Loss from Self-Employment) for the 4 months that you were self-employed during 2016. In addition to this you will enter the information from Form W2.

2016; Last Filing year for your Business
If you wish to shut-down this business and consider 2016 as its last year while you are entering your Income/Expenses TurboTax will provide the option to select "I sold, closed or otherwise disposed of this business in 2016". If prompted for the date, enter the day after you last day of business in 2016.

If your business carried an inventory, the end of year (EOY) inventory must be zero. If it's not, then in the COGS section indicate that you removed all of the remaining inventory for personal use. that effectively makes your EOY inventory balance, zero.

If your business had assets, then you must show the disposition of those assets. In the Business Assets section work through each individual asset on at a time, and select YES on the screen, "Did you stop using this asset in 2016?". Then on the next screen, "Special Handling Required?" if you sold the asset, select no and you will be prompted for your sales information on that specific asset. If you did NOT sell the asset, click the YES button and continue on. You must do this for each individual asset listed, even if it's already fully depreciated.

If you claimed any vehicle expenses in your business at any time from the day you opened your business, then you must most show the disposition of that vehicle. Work through the Business Vehicle Expenses section and indicate that you stopped using that asset in the business, when prompted. Then show your disposition of that vehicle. Most likely, you'll indicate that it was removed for personal use.

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